Jaishankar calls for de-risking, resilient supply chains, trusted partnerships following India-EU TTC

Brussels, Jul 15 (PTI) External Affairs Minister S Jaishankar on Wednesday stressed the need to de-risk the global economy through diversified production, resilient supply chains and trusted partnerships. Addressing the media after the third meeting of the India-EU Trade and Technology Council (TTC) in Brussels, he said that the international economy faces a number of "critical and interlinked challenges". These, he said, include concerns about "overdependence on limited sources of production as well as volatility of market access". "The solutions lie in de-risking through more diversified production and ensuring predictable markets," Jaishankar said. He said that recognising the economic and technological value of multipolarity is essential in a multipolar world. "Strengthening the resilience of supply chains is today clearly a global priority," he added. Talking about establishing trusted partnerships, he said India and the EU have a "natural affinity" as open societies and market economies. "The rule of law and the sanctity of contracts are central to our thinking," he added, emphasising their importance when it comes to sensitive technologies. "India and the EU have developed this trust with each other and now strive to take that into the business and technology domains," he said. Jaishankar said that India and the EU also agreed to start formal negotiations on New Delhi's association with Horizon Europe, the 27-member bloc's key funding programme for research and innovation, and launch a bilateral startup partnership focused on deep tech clean technologies. "India-EU partnership is today poised to reach greater heights. The free trade agreement, the security and defence partnership and the mobility framework have been its key achievements this year..." he said. "The potential of our ties will be realised through the implementation of the joint comprehensive strategic agenda. The TTC plays a notable role in that regard," he added. Apart from Jaishankar, the meeting was attended by Commerce and Industry Minister Piyush Goyal and Minister of State for Electronics and IT Jitin Prasada. The EU side was represented by European Commission Executive Vice-President for Tech Sovereignty, Security and Democracy Henna Virkkunen, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maros Sefcovic and Commissioner for Startups, Research and Innovation Ekaterina Zaharieva. The India-EU TTC was established in April 2022 by President von der Leyen and Prime Minister Narendra Modi to address challenges in the areas of trade, trusted technology and security, while deepening their cooperation. The first meeting of the EU-India TTC took place in May 2023, while the second took place in February 2025. PTI GRS GRS GRS