External affairs minister Subrahmanyam Jaishankar on Tuesday said that the relationship between India and the European Union is “more important than ever before”, while emphasising the relationship between the two amid global volatility and uncertainty.
“In a world that promises to be so volatile and so uncertain, a stronger India-EU relationship can be an important stabilizing factor. India is certainly cognizant of the greater strategic awakening of Europe in the last few years. That too can serve as a driver of deeper engagement,” ANI quoted Jaishankar as saying during his keynote address at the IIC-Bruegel Annual Seminar in Delhi.
“We already see that happening, for example, in closer defence in security and technology cooperation. The bottom line is that the India-EU relationship is more important than ever before,” Jaishankar added.
The minister highlighted that there has been more “intensive engagement with the European Commission in recent years.
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India is EU’s ninth largest trading partner
India and the EU are two of the world’s largest economies having shared synergies and offering significant trade and investment opportunities. The EU is India’s largest trading partner and India is the EU’s ninth largest trading partner in terms of bilateral trade in goods, the ANI report added.
As per the Delegation of the European Union to India and Bhutan, in 2023, the total value of EU-India trade in goods stood at Euro 113.3 billion.
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The EU is the main export destination for Indian goods. India exported to the EU goods worth Euro 64.9 billion, while it imported from the EU goods worth Euro 48.4 billion, thus enjoying a trade in goods surplus of Euro 16.5 billion.
The main export items from the EU to India are: machinery and mechanical appliances, aircraft, spacecraft and parts, electrical machinery and equipment. The main import items from India to the EU are machinery, transport equipment, chemicals and related products.
(With ANI inputs)