External Affairs Minister Subrahmanyam Jaishankar, speaking on Tuesday, emphasized that the relationship between India and the European Union (EU) has become “more important than ever before,” particularly in light of increasing global volatility and uncertainty.

“In a world marked by such volatility and uncertainty, a stronger India-EU partnership could serve as a vital stabilizing influence,” Jaishankar said during his keynote address at the IIC-Bruegel Annual Seminar in Delhi. He further noted that India is increasingly aware of Europe’s rising strategic awareness and engagement in recent years, which can act as a significant driver for deeper cooperation between the two entities.

“We are already witnessing this through enhanced cooperation in areas such as defense, security, and technology,” Jaishankar added. “The core message is clear—the India-EU relationship is more essential than ever before.”

The Minister also highlighted the growing intensity of India’s engagement with the European Commission, pointing to how this deeper collaboration is shaping their shared future.

A Strong and Growing Economic Partnership

India and the EU are two of the largest global economies, offering immense trade and investment opportunities for one another. The EU stands as India’s largest trading partner, while India ranks as the EU’s ninth-largest trading partner in terms of goods.

According to the Delegation of the European Union to India and Bhutan, the total value of trade in goods between the EU and India in 2023 reached €113.3 billion. Notably, the EU is the largest export destination for Indian goods. In 2023, India exported goods worth €64.9 billion to the EU, while it imported €48.4 billion from the EU, resulting in a trade surplus of €16.5 billion for India.

The primary export items from the EU to India include machinery, mechanical appliances, aircraft, spacecraft, and electrical machinery. On the other hand, India’s major exports to the EU consist of machinery, transport equipment, and chemicals, reflecting a robust and mutually beneficial economic relationship.

This trade and economic cooperation underpins the broader strategic alignment between India and the EU, helping to create a foundation for continued growth and collaboration in the years to come.