India and EU: A Stronger Partnership Amid Global Uncertainty
India and EU: A Stronger Partnership Amid Global Uncertainty
External Affairs Minister S Jaishankar highlighted the importance of the relationship between India and the European Union, calling it a "stabilizing factor" in today's volatile world. Speaking at the IIC-Bruegel Annual Seminar in Delhi, he noted the strategic awakening of Europe and the potential for deeper collaboration in defense, security, and technology.
Jaishankar emphasized that the India-EU relationship is more crucial than ever, with increased engagement with the European Commission expected in the future. The EU is India's largest trading partner, and India ranks as the EU's 9th trading partner in terms of bilateral trade in goods.
In 2023, the total value of EU-India trade in goods was Euro 113.3 billion. India exported goods worth Euro 64.9 billion to the EU, while importing goods worth Euro 48.4 billion, resulting in a trade surplus of Euro 16.5 billion. Key exports from the EU to India include machinery, aircraft, and electrical equipment, while India's main exports to the EU are machinery, transport equipment, and chemicals.
Doubts Revealed
EU
The EU, or European Union, is a group of 27 countries in Europe that work together on things like trade, laws, and security. They make decisions together to help each other and their people.
External Affairs Minister
The External Affairs Minister is a person in the Indian government who is responsible for managing India's relationships with other countries. They help make sure India has good connections with other nations.
IIC-Bruegel Annual Seminar
The IIC-Bruegel Annual Seminar is a meeting where experts from India and Europe discuss important topics like economy and technology. IIC stands for India International Centre, and Bruegel is a European think tank.
Trade surplus
A trade surplus happens when a country sells more goods to another country than it buys from them. It means India is selling more to the EU than it is buying, which is good for India's economy.
Bilateral trade
Bilateral trade is the exchange of goods between two countries. In this case, it refers to the buying and selling of goods between India and the European Union.
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