Addressing the media after the first India-EU Trade and Technology Council (TTC) meeting in Brussels on Tuesday, Commerce and Industry Minister Piyush Goyal said that both the sides will work together to find the “right solutions” since there is “long time” ahead of the implementation of CBAM.
India has been concerned about the impact of CBAM, which will result in the imposition of a levy on imported carbon-intensive products. India believes that such measures will result in a problem of market access with the EU’s trading partners, since it is an instance of dragging environmental issues into trade matters.
He further said that both sides decided to deepen their engagement on carbon border measures via TTC.
India and EU had in April last year agreed to establish a Trade and Technology Council to tackle the challenges at the level of trade, trusted technology and security. Such a council is a first for India with any of its partners and the second for the EU, which set up the first with the US.
After the first meeting, both sides decided to undertake quantum and high-performance computing research and development projects that could address climate change, natural hazards, bio-informatics, bio-molecular research, and drug development. In addition, India and the EU will coordinate within the Global Partnership on Artificial Intelligence and explore bilateral cooperation on trustworthy and responsible artificial intelligence, including in research and innovation.
The two sides will coordinate their policies with regards to the strategic semiconductor sector, with the aim of concluding a pact by September. “Furthermore, India and the European Union will work towards bridging the digital skills gap, explore mutual recognition of certifications and make progress on the promotion of skilled professionals and exchange of talent. They will also enhance cooperation on IT and telecom standardisation with a particular focus on promoting interoperable standards,” the joint statement said.
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