Union Minister for External Affairs (EAM), Dr. S. Jaishankar, emphasized the growing importance of the relationship between India and the European Union (EU) as a stabilizing factor amid global volatility and uncertainty. Delivering the keynote address at the Indian International Centre-Bruegel Annual Seminar in New Delhi, he highlighted the increasing engagement between India and the European Commission, particularly in defense, security, and technology cooperation. He acknowledged Europe's rising strategic awareness, which could drive deeper collaboration between the two regions. He stated that the India-EU relationship is more critical than ever, and he expects even closer cooperation in the future.
India and the European Union, two of the largest economies globally, share strong trade and investment ties. The European Union is India's largest trading partner. At the same time, India is the ninth-largest trading partner of the European Union in terms of bilateral trade in goods. In 2023, the total trade value in goods between India and the European Union stood at Rs. 10,197 crore (€113.3 billion). India exported goods worth Rs. 5,760.89 crore and Rs. 58,407 crore (€64.9 billion) to the European Union. It imported Rs. 43,561.45 crore (€48.4 billion), resulting in a trade surplus of Rs. 14,849 crore (€16.5 billion) for India. The European Union primarily exports machinery, aircraft, and electrical equipment to India. In contrast, India exports machinery, transport equipment, and chemicals to the European Union.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.