Important to de-risk global economy in era of volatility and uncertainty: Jaishankar

External Affairs Minister Dr. Jaishankar said that India and the EU are important partners for each other but what the TTC represents is a focus on key domains that are critical to both the global economy and global security.

New Delhi: External Affairs Minister Dr S Jaishankar on Tuesday said that in the era of volatility and uncertainty, the world faces the challenge to address the dual requirements of responsible growth and de-risking the global economy. His remarks came during the first meeting of the Trade and Technology Council (TTC) in Brussels, a significant milestone in the strategic partnership between India and the European Union.

"We are important partners for each other but what the TTC represents is a focus on key domains that are critical to both the global economy and global security", he said during the address. Explaining the challenge, he said that addressing dual requirements of responsible growth and de-risking global economy would mean promoting resilient and reliable supply chains and additional drivers of global production and growth, ensuring trust and transparency in the digital domain including cross-border flows and embracing low-carbon growth while ensuring that it does not create critical vulnerabilities.

India has experiences to share in terms of innovation, production, and deployment in each of the focus areas of the TTC strategic technologies, digital governance and connectivity, clean and green energy technologies, and resilient value chains, he said adding that India has experiences to share in terms of innovation, production and deployment. We are also an important factor in regard to the global talent pool that has been discussed this morning, he noted.

"Just concluded an extremely productive 1st India-EU Trade and Technology Council meeting. Thank European Commission VPs @vestager and @VDombrovskis for hosting the Indian Ministerial delegation. On strategic technologies, digital governance and connectivity; clean and green energy technologies; resilient value chains, our discussions were truly meaningful", Jaishankar tweeted after the meeting.

"Exchanged perspectives on economic security; cooperation in third countries including connectivity and de-risking the global economy. Confident that this mechanism will further energize our strategic partnership," he added. Earlier on Tuesday, Jaishankar had a warm and cordial meeting with EU HR VP Josep BorrellF. Both the leaders had a good discussion on the TTC, G20, Voice of Global South, Ukraine, and the Indo-Pacific.

The TTC was launched by Prime Minister Narendra Modi and the President of the European Commission, Ursula von der Leyen in April last year. Three Working Groups have been created under the TTC: Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; Working Group on Green and Clean Energy Technologies; and Working Group on Trade, Investment and Resilient Value Chains.

Sharp retort on import of Russian oil

At the TTC meeting, Jaishankar urged EU Foreign policy chief Josep Borrell to look at the Council's Regulation while responding to his remarks calling for action against Indian refined products from Russian crude. "Look at EU Council regulations, Russian crude is substantially transformed in the third country and not treated as Russian anymore. I would urge you to look at Council's Regulation 833/2014," Jaishankar said.

The bloc's chief diplomat had earlier said that the EU should crack down on India reselling Russian oil as refined fuels including diesel into Europe as Western nations move to tighten sanctions on Moscow's energy sector. "India buys Russian oil, it's normal... " Borell said. However, in an interview, he wanted the bloc to act on refined products coming from India-made Russian crude.