EU, India to Launch TTC, Restart FTA Talks
The EU and India will create their own trade and technology council and will soon restart negotiations on a free trade agreement, the two sides said April 25. The EU hopes the increased collaboration can “deepen our strategic ties” with India, European Commission President Ursula von der Leyen said.
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The new EU-India Trade and Technology Council, similar to the existing forum between the EU and the U.S (see 2204210026 and 2204130045), will “provide the political steer and the necessary structure to” align policy and information sharing on a range of trade and technology issues, the two sides said in a joint statement. “The EU has only one TTC so far -- with the U.S., and I think it is telling that we now establish the second one with India,” von der Leyen said. “Also because India is technologically a powerhouse, and in the trade sector we need to unleash an enormous amount of untapped potential.”
The EU and India will also resume FTA negotiations in June, the commission said, and hopes to come to an agreement on geographical indications. “The European Union is India's third most important trade partner. But we can do so much more,” von der Leyen said. “So this deal will bring new technologies, new investment and unprecedented integration into shared value chains.”