External Affairs Minister S. Jaishankar highlighted the growing significance of the relationship between India and the European Union, emphasizing its role as a stabilizing factor amidst global instability and uncertainty. Speaking at the IIC-Bruegel Annual Seminar in Delhi on Tuesday, Jaishankar stated that the India-EU partnership is “more important than ever before.”
He pointed out that in a volatile world, strengthening ties between India and the EU could serve as a key stabilizing influence. Jaishankar acknowledged Europe’s increasing strategic awareness in recent years, which he believes is driving closer engagement between the two regions, particularly in areas like defense, security, and technology cooperation.
“In recent years, we have seen a more intensive interaction with the European Commission, and we expect this to deepen further in the future,” he said.
India and the EU are two of the world’s largest economies, with strong synergies and vast trade and investment potential. The EU is India’s largest trading partner, while India ranks as the EU’s 9th largest trading partner for goods. According to the Delegation of the European Union to India and Bhutan, the total value of EU-India trade in goods in 2023 was €113.3 billion. India enjoys a trade surplus of €16.5 billion, with exports to the EU worth €64.9 billion and imports from the EU totaling €48.4 billion.
The primary exports from the EU to India include machinery, aircraft, spacecraft, and electrical equipment, while India mainly exports machinery, transport equipment, chemicals, and related products to the EU.
