How the TTC Agreement with the EU can help India shape Global Tech Ecosystems

Earlier this year, Prime Minister Narendra Modi met with the European Union President Ursula von der Leyen and announced the setting up of the India-EU Trade and Technology Council (TTC). The joint statement released by the two leaders on the launch of the council described the TTC as a body that was responsible for the “strategic coordination mechanism [that] will allow both partners to tackle challenges at the nexus of trade, trusted technology and security, and thus deepen cooperation in these fields between the EU and India”. Since the official press release of the TTC, there have been no more follow-up announcements or movement on the front. This has raised questions about how the Council should function and its role in determining the technology trade agreements between the two entities. What would be the methods of cooperation and the focus areas for India and the EU? These still remain to be answered and delved into.

Why India, EU Should Prioritise Removing Existing Bottlenecks in Trade and Technology Pact

As technology remains a critical factor in advancing countries’ economies, there is also a quest for improving the accessibility of these critical technologies. The recently announced Europe-India Trade and Technology Council (TTC) Agreement is an attempt to have easier access of key technologies to both actors. The agreement seeks to improve the cross-border flow of technology goods and services between the two entities. An area of focus would be the existing and potential trade barriers that might impact the agreement. These barriers need to be addressed if the agreement can yield tangible results for the growth of the technology sector in India and Europe.