New Delhi: Stressing the importance of the links between India and the European Union as a “stabilization factor” in the midst of global volatility and uncertainty, the Minister of External Affairs Jaishankar said that the relationship between the two is “More important than ever”.
India-EU Crucial relations in a volatile world
Offering the annual speech of the Annual Iic-Bruegel seminar in Delhi on Tuesday, Jaishankar stressed the growing interaction with the European Commission and expressed its expectations for increased collaboration in the future. “In a world that promises to be so volatile and uncertain, a stronger India-EU relationship can be an important stabilization factor. India is certainly aware of the greatest strategic awakening of Europe in recent years .
Intensified commitment with the European Commission
The Minister has also underlined the increase in engagement with the European Commission in recent years, noting that this trend should continue. “In recent years, there has been a more intensive commitment to the European Commission. We expect it to be even more in the coming days,” he added.
Trade and investment: a key pillar of the relationship
India and the EU are two of the world’s largest economies, sharing synergies and offering important commercial and investment opportunities. The EU is the largest trading partner in India, while India is the 9th EU’s 9th trading partner in terms of bilateral trade in goods.
Bilateral trade figures reflect solid economic ties
According to the European Union delegation to India and Bhutan, in 2023, the total value of the EU-India trade in goods was 113.3 billion euros. The EU remains the main export destination for Indian goods, with exports of Euro 64.9 billion value. On the other hand, India imported goods of a Euro value of 48.4 billion euros of the EU, resulting in a trade surplus of 16.5 billion euros in favor of India.
The main commercial products strengthen economic ties
The main elements of export from the EU to India include machines and mechanical devices, planes, space vessels and parts and machines and equipment. On the other hand, the main exports from India to the EU are machines, transport equipment, chemicals and related products.
While the two parties continue to deepen their economic and strategic ties, the India-EU relationship is about to play a central role in promoting stability and growth in the midst of an increasingly global landscape unpredictable.
(With Ani entries)
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