India-EU relationship 'more important than before' in this volatile, uncertain world: EAM Jaishankar

New Delhi: Emphasising the importance of ties between India and the European Union as a "stabilising factor" amid global volatility and uncertainty, External Affairs Minister S Jaishankar asserted that the relationship between the two is "more important than ever before".

India-EU Relations Crucial in a Volatile World

Delivering the keynote address at the IIC-Bruegel Annual Seminar in Delhi on Tuesday, Jaishankar highlighted the growing interaction with the European Commission and expressed expectations for enhanced collaboration in the future. "In a world that promises to be so volatile and so uncertain, a stronger India-EU relationship can be an important stabilising factor. India is certainly cognisant of the greater strategic awakening of Europe in the last few years. That too can serve as a driver of deeper engagement. We already see that happening, for example, in closer defence, security, and technology cooperation. The bottom line is that the India-EU relationship is more important than ever before," Jaishankar said.

Intensified Engagement with the European Commission

The Minister also pointed out the increased engagement with the European Commission in recent years, noting that this trend is expected to continue. "In recent years, there has been a more intensive engagement with the European Commission. We expect that 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 significant trade and investment opportunities. The EU is India's largest trading partner, while India is the EU's 9th trading partner in terms of bilateral trade in goods.

Bilateral Trade Figures Reflect Strong Economic Ties

According to 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. The EU remains the main export destination for Indian goods, with exports worth Euro 64.9 billion. In contrast, India imported goods worth Euro 48.4 billion from the EU, resulting in a trade surplus of Euro 16.5 billion in India's favour.

Key Trade Commodities Strengthen Economic Links

The main export items from the EU to India include machinery and mechanical appliances, aircraft, spacecraft and parts, and electrical machinery and equipment. On the other hand, India's primary exports to the EU consist of machinery, transport equipment, chemicals, and related products.

As both sides continue to deepen their economic and strategic ties, the India-EU relationship is poised to play a pivotal role in fostering stability and growth amid an increasingly unpredictable global landscape.

(With ANI Inputs)