Strengthening India-EU Trade Relations: Inaugural Ministerial Meeting

Strengthening India-EU Trade Relations: Inaugural Ministerial Meeting
Strengthening India-EU Trade Relations: Inaugural Ministerial Meeting

The India-EU Trade and Technology Council recently convened its inaugural Ministerial Meeting in Brussels, marking a significant step towards bolstering trade ties and technology cooperation. This article provides an overview of the key outcomes and discussions from the meeting, highlighting the potential for enhanced economic collaboration between India and the European Union.

The India-EU Trade and Technology Council witnessed its historic first Ministerial Meeting in Brussels, signifying the growing importance of trade relations between India and the European Union. This meeting aimed to explore avenues for strengthening economic ties and fostering innovation-driven partnerships in key sectors.

The 1st Ministerial Meeting of the India-European Union Trade and Technology Council (TTC) is set to take place in Brussels, Belgium on May 16, 2023. This significant event aims to create a platform for high-level coordination to address strategic challenges related to trade, trusted technology, and security. Co-chaired by Shri Piyush Goyal, the Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, and supported by the External Affairs Minister (EAM) and the Union Minister of State for Electronics and Information Technology (MeitY), the council seeks to foster stronger ties between India and the EU.

Key Participants and Objectives – India-EU Trade

Shri Piyush Goyal will join Executive Vice Presidents Mr. Dombrovskis and Ms. Vestager as the co-chairs from the Indian and EU sides, respectively. The TTC was established following an announcement by Prime Minister Shri Narendra Modi and President of the European Commission H.E. Ms. Ursula von der Leyen in April 2022. Its primary aim is to address the crucial issues at the intersection of trade, trusted technology, and security.

Pre-Meeting Activities – India-EU Trade

On May 15, 2023, Minister Goyal will engage in a bilateral meeting with EVP Dombrovskis, followed by stakeholder consultations with the Working Group-3. This session will involve business leaders from both the EU and India and will primarily focus on trade, technology, and resilient supply chains. Furthermore, Minister Goyal will participate in a business event organized by the Federation of Enterprises in Belgium (FEB) and deliver a keynote address. The discussions during this event will center around the economic footprint of Belgian enterprises in India, along with future investment plans. Additionally, the three Indian Ministers will pay courtesy visits to the Belgian Prime Minister and the President of the European Commission.

We extend our gratitude to all participants for their active engagement in the inaugural India-EU Trade and Technology Council Ministerial Meeting. Let’s stay connected, subscribe to our newsletter, and follow us for more updates on the progress and outcomes of this crucial bilateral collaboration.

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