The MoU was signed ahead of the India-EU Trade and Technology Council meeting held virtually on Friday.

India-EU Trade and Technology Council Meeting

The Trade and Technology Council meeting was co-chaired by External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Electronics and Information Technology Minister Ashwini Vaishnaw from the Indian side. Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova led the meeting from the European side.

The Trade and Technology Council (TTC) was launched by Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen during her visit to India in April 2022. The inaugural ministerial meeting of the TTC was held in Brussels on May 16, where the three working groups under the TTC outlined their cooperation on various issues, including semiconductors, high-performance computing, digital public infrastructures, clean energy technologies, supply chain resilience, and trade issues.

Review of Progress and Future Action Plans

During the virtual meeting, the co-chairs reviewed the progress achieved in the working groups since the first ministerial meeting and discussed their future action plans. They provided strategic guidance to the Working Groups on strategic technologies and digital connectivity, clean and green energy technologies, and trade, investment, and resilient supply chains to achieve the objectives set out for the TTC.

The co-chairs expressed satisfaction with the progress made in the working groups, particularly in semiconductors, high-performance computing, digital public infrastructures, EV batteries and their recycling, waste to energy, resilient supply chains, and FDI screening.

Taking Collaboration to the Next Phase

The co-chairs emphasized the need to take the collaboration through research and innovation to the next phase of implementation in terms of practical outcomes and projects. They called for more intensive stakeholder consultations before the next TTC meeting and the India-EU Summit.

MoU on Semiconductors

The MoU on semiconductors was signed by Ashwini Vaishnaw and Thierry Breton, European Commissioner for Internal Markets. The MoU aims to increase the resilience of the semiconductors value chain in India and the EU. It covers cooperation in wide areas, including research and innovation, talent development, partnerships, and the exchange of market information.

The MoU symbolizes the strong commitment between India and the EU to work towards building robust semiconductor supply chains and collaborating on innovation.

Jaishankar’s Remarks

In a post on Twitter, Jaishankar said, “Co-chaired the India-EU Trade and Technology Council virtually along with my colleagues PiyushGoyal and Ashwini Vaishnaw. Thank our EU counterparts @VDombrovskis & @VeraJourova for their partnership.”

He noted the progress since the first meeting in May 2023 in digital and strategic technologies; clean energy and green technologies; and trade and investment and resilient value chains. Jaishankar committed to promoting more engagements, bringing in practical initiatives, and ensuring economic security.

The signing of the MoU on semiconductors between India and the EU reflects their commitment to strengthening cooperation in the semiconductor sector. The Trade and Technology Council meeting provided a platform to review the progress achieved in various working groups and set future action plans. Both sides emphasized the need to take the collaboration to the next phase of implementation, with a focus on practical outcomes and projects.

By Krishna Kripa Oneindia