Monday’s agreement between Prime Minister Narendra Modi, and President Ursula von der Leyen of the European Commission to establish an EU-India technology and trade council was a sign of their willingness to tackle the issues of security and trust in the face of rapid geopolitical change. Modi and von der Leyen reached an agreement during negotiations. For More Updates Stay Tuned With Moneycompanion.us.
According to the European Union, the strategic coordination mechanism will enable both partners to address challenges at the “nexus trade, trusted technology, and security” and deepen cooperation. Both sides also agreed that rapid changes in geopolitical environments highlight the need for strategic engagement.
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The EU stated in a statement that the Trade and Technology Council would provide political guidance and the necessary structure to operationalize political decisions, coordinate technical works, and report to political level to ensure implementation and monitoring in areas that are crucial for the sustainable development of Indian and European economies.
The EU stated that India and the EU share common values and interests, which provides a solid foundation for deepening mutually beneficial and deeper strategic collaboration.
It stated that the European Union and India have been a close partner for decades and are committed to increasing their efforts to address current challenges and geopolitical situations. The EU stated that India’s decision to establish a Trade and Technology Council with its partners will be the second with the European Union after the first with the US.
It stated that the establishment of the EU-India Council is a crucial step towards a stronger strategic partnership for all peoples in India and the EU. In the midst of the Russia-Ukraine war, the European Commission President began a two day visit to India on Sunday.
Von der Leyen spoke at an event on Sunday. He said that Russia’s war against Ukraine was a stark reminder of how our dependence on Russian fossil fuels cannot be sustained. He also called for greater cooperation between India, the EU, and other countries to increase the use clean energy.
She also spoke at the International Solar Alliance, (ISA) about sustainable business models using clean energy. She also stressed the importance of switching to domestic clean energies in the wake the Russian aggression against Ukraine. S Jaishankar, External Affairs Minister, called von der Leyen prior to her talks with Modi.
“I am pleased to call President of @EU_Commission @vonderleyen. We discussed the importance of the #IndiaEU partnership. Jaishankar tweeted that they also exchanged views about the economic and political consequences of the Ukraine conflict.