Minister Piyush Goyal will be one of the co-chairs of the meeting. (file)
New Delhi:
The first ministerial meeting of the India-EU Trade and Technology Council (TTC) will be held in Brussels on May 16 to discuss ways to enhance cooperation in strategic technologies, digital connectivity, clean energy, trade and investment. sunday.
Commerce and Industry Minister Piyush Goyal is one of the co-chairs along with External Affairs Minister S Jaishankar and Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar, the commerce ministry said in a statement.
The EU side is co-chaired by Executive Vice Presidents (EVPs) Dombrowski and Vestager.
It added that three working groups under the mechanism will report on a roadmap for future cooperation between the two sides – the working group on strategic technologies, digital governance and digital connectivity; Working Group on Green and Clean Energy Technologies; and the Working Group on Trade, Investment and Resilient Value Chains.
It added, “The first ministerial meeting will prepare a roadmap for cooperation under the three working groups and provide direction to achieve the desired results before the next ministerial meeting in the coming year.”
Various issues will come up for discussion during the high-level meetings with the senior leadership of the EU as well as Belgium and these include ongoing negotiations for a Free Trade Agreement (FTA), addressing issues of mutual market access, WTO includes improvements. World Trade Organisation).
The Working Group on Trade, Investment and Flexible Value Chains is chaired by the Department of Commerce and the first meeting of the Working Group was co-chaired by Commerce Secretary Sunil Barthwal and Director General of Trade Sabine Wayand.
The formation of the TTC was announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen in New Delhi in April 2022, with the aim of creating a high-level coordination platform to address strategic challenges. business, reliable technology and security.
The ministry said that on May 15, Mr Goyal will have a bilateral meeting with EVP Dombrowski, which will be followed by stakeholder consultations in the presence of business leaders from both sides.
He will also participate in a meeting which will include discussion on the economic footprint of Belgian enterprises in India along with further plans for investment in India.
In addition, the three Indian ministers will call on the Prime Minister of Belgium as well as the President of the European Commission.
On 16 May, Shri Goyal will participate in a stakeholder event for Working Group 1 and 2. Group 1 focuses on digital governance and connectivity while Group 2 deals with clean and green energy technologies.
He will also hold a bilateral meeting with the European Commissioner for Internal Trade, Thierry Breton, to discuss issues related to the SME sector, startup ecosystem and e-commerce.
India began talks for a trade deal with the European Union in 2007, but talks stalled in 2013 as the two sides failed to reach an agreement on key issues including customs duties on automobiles and spirits and the movement of professionals.
India’s merchandise exports to EU member states were estimated at around USD 65 billion in 2021-22, while imports stood at USD 51.4 billion.
In 2022-23, exports stood at USD 67 billion, while imports stood at USD 54.4 billion in the previous fiscal.
The EU accounted for 16.4 per cent of India’s exports and about 8.3 per cent of its imports in the last financial year.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)