India’s Prime Minister Narendra Modi and European Commission President Ursula von der Leyen have agreed to foster ties in trade, technology and security amid rising geopolitical changes.
Both of them proposed to set up an EU-India trade and technology council.
The European Union said the strategic coordination mechanism will allow both partners to tackle challenges "at the nexus of trade, trusted technology and security, and thus deepen cooperation in these fields."
It said both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement, the NDTV reported.
"The Trade and Technology Council will provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in areas that are important for the sustainable progress of European and Indian economies," the EU said in a statement.
The EU said shared values and common interests of the EU and India offers a strong basis to intensify mutually beneficial and deeper strategic cooperation.
"The European Union and India are bound by decades of close partnership and are determined to increase joint efforts to tackle current challenges and address geopolitical circumstances," it said.
"The decision to set up a Trade and Technology Council will be the first for India with any of its partners and second for the European Union following the first one it has set up with the US," the EU said.
It said establishing the EU-India council is a key step toward a strengthened strategic partnership for the benefit of all peoples in the EU and India. The European Commission President began a two-day visit to India on Sunday in the backdrop of the Russia-Ukraine conflict.