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India's External Affairs Minister, S. Jaishankar, recently spoke about the growing importance of the India-EU relationship in a volatile world. During his keynote at the IIC-Bruegel Annual Seminar in Delhi, Jaishankar emphasized how the stronger ties between India and the European Union (EU) could act as a stabilizing force amid global uncertainties.
Key highlights from Jaishankar’s address:
- Strategic Partnership: Jaishankar noted that Europe has experienced a strategic awakening in recent years, which aligns with India's growing global influence. This has led to deeper cooperation, especially in defense, security, and technology.
- Increased Engagement: There has been more intensive interaction between India and the European Commission, paving the way for stronger bilateral cooperation.
India-EU Trade: Key Economic Partners
- Economic Significance: India and the EU are two of the world’s largest economies, with India being the EU’s ninth-largest trading partner. In 2023, the total value of EU-India trade in goods reached Euro 113.3 billion.
- Trade Surplus: India enjoys a trade surplus with the EU, with exports worth Euro 64.9 billion and imports at Euro 48.4 billion.
- Trade Sectors: The main exports from the EU to India include machinery, aircraft, and electrical equipment. India exports machinery, chemicals, and transport equipment to the EU.
In conclusion, Jaishankar emphasized that the India-EU relationship is more crucial than ever, both politically and economically, and is positioned to play a significant role in global stability moving forward.
