The ties between India and the European Union are not only consequential for the two sides but also for the world, says external affairs minister S Jaishankar.
Jaishankar accompanied by his wife Kyoko Jaishankar attended the Europe Day Celebrations in New Delhi. In his address he highlighted the significance of this partnership as India continues to solidify its position on the world stage, its relationship with the EU remains pivotal, spanning economic, technological, and strategic domains.
In a post on X, Jaishankar stated, “India-EU relations are consequential not only for us both but also for the world. Our expanded exchanges, deeper economic ties, stronger technology cooperation and increased people-to-people connect tell their own story. Confident that this partnership would grow further in the times ahead.”
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Jaishankar’s assertion that India-EU relations are “consequential not only for us both but also for the world” reflects the growing recognition of the mutual benefits derived from this collaboration. With the EU being India’s largest economic partner, the relationship extends beyond mere trade to encompass a multitude of sectors, including technology cooperation and people-to-people exchanges.
Such diversified engagements serve as the foundation for a robust and multifaceted partnership capable of addressing contemporary global challenges.
He said that the India-Middle-East-Europe Economic Corridor (IMEC) stands as a testament to the collaborative efforts aimed at fostering regional connectivity and economic integration. And his acknowledgment of the EU’s contribution to IMEC underscores the shared commitment towards enhancing trade and connectivity across regions.
In his address at the Europe Day celebrations, Jaishankar said, “It is an entity with which we have, really, a very deep relationship spanning many domains…not just in the relationship between New Delhi and Brussels but in the regional and sub-regional formats in which we engage each other and in a range of institutions that we both are members of and where we collaborate with each other. And of course, an important element of that is economic relationship.”
Furthermore, the recent signing of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) countries signifies a step towards furthering economic cooperation and investment facilitation.
In light of the evolving geopolitical landscape, both India and the EU recognize the strategic imperative of deepening their engagement in the Indo-Pacific region. The EU’s heightened interest in the Indo-Pacific, as highlighted by Jaishankar, aligns with India’s vision of a free, open, and inclusive Indo-Pacific. Such convergence of interests not only bolsters regional stability but also presents opportunities for enhanced cooperation in areas such as maritime security and connectivity.
Meanwhile, European Union Ambassador to India, Herve Delphin said India is the country that has “gained tremendous importance for the EU,” and the partnership will “deepen further.” Delphin’s remarks reaffirm the EU’s commitment to strengthening its partnership with India, recognizing the latter’s growing importance on the global stage. Emphasizing the role of the business community in driving bilateral relations, Delphin underscores the significance of public-private cooperation in realizing the full potential of the India-EU partnership. Moreover, the EU’s emphasis on people-to-people exchanges underscores the shared values and cultural ties that underpin this relationship.
As both entities navigate the complexities of the global landscape, adherence to democratic principles, human rights, and the rule of law remains paramount. Delphin’s invocation of Europe as a “peace project” highlights the EU’s commitment to upholding international norms and promoting peace and stability. In the face of regional conflicts and security challenges, India and the EU stand united in their efforts to uphold territorial integrity, sovereignty, and promote peace and stability.
India-EU FTA
The ongoing discussions regarding a Free Trade Agreement (FTA) between India and the EU underscore the mutual desire to further enhance economic cooperation and market access. As India aspires to become a USD 35 trillion economy by 2047, the FTA presents an opportunity to unlock new avenues of growth and prosperity for both parties.
