India and the European Union (EU) have announced their intention to synchronize regulations in the technology sector and establish rules and standards for major players such as Big Tech and prominent social media giants.
This development follows India’s recent strategic partnership with the United States regarding critical and emerging technology, according to Rajeev Chandrasekhar, Minister of State for IT & Electronics.
Chandrasekhar explained that India and the EU have agreed to jointly build reliable and resilient supply chains in the domains of electronics, semiconductors, artificial intelligence (AI), quantum computing, and emerging technologies.
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Their collaborative efforts will extend to shaping future regulations concerning privacy and user protection on the internet.
Chandrasekhar highlighted the expanding IT and electronics relations between India and European countries.
The EU has been at the forefront of establishing global regulations related to the internet and user privacy, having introduced the General Data Protection Regulation in 2016.
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The EU is also actively working on a regulatory framework and rules concerning AI-driven platforms like ChatGPT, particularly addressing algorithmic bias and copyright issues.
Regarding the agreement signed with the EU during a ministerial visit to Brussels, Chandrasekhar, along with Foreign Minister S Jaishankar and Commerce and Industry Minister Piyush Goyal, stated that several milestones would be achieved over the next 8-12 months.
India’s perspective on online and data regulations holds great interest for the EU, as India currently has the largest online community worldwide, with over 800 million users and an estimated 1.2 billion users projected by 2025-26.
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Chandrasekhar emphasized the significance of India’s presence in the global internet ecosystem and expressed the need for international participation and partnership in shaping future regulations and standards.
He also mentioned the government’s expectation of joint ventures, investments, and collaborations in areas such as semiconductors, electronics, and manufacturing within India. Additionally, the government anticipates increased cooperation in joint innovations.
The agreement between India and the EU marks a significant step toward aligning regulatory frameworks and promoting collaboration in the technology sector, ultimately shaping the future of technology and trade.
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