India-EU ties 'more important than before' in this uncertain world: EAM

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

Delivering the keynote address at the IIC-Bruegel Annual Seminar in Delhi on Tuesday, the Foreign Minister further highlighted the interaction with the European Commission, expressing expectations for even 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 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. 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 said.

He added, "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."

Notably, 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 9th trading partner in terms of bilateral trade in goods.

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. 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.