India-EU trade relations are backed by the Cooperation Agreement on Partnership and Development signed in December 1993, and the EU-India Strategic Partnership launched in 2004 (European Commission 2004). Annual Summits further strengthen it. An improved agreement with India is seen as a vital component of the EU’s Global Strategy for enhancing EU companies’ global competitiveness (European Commission 2016).
According to the latest Eurostat report, the EU is India’s third-largest trading partner by far, accounting for 11.1 percent of India’s total external trade below China (12 percent) and the USA (11.7 percent). At the same time, India is the EU’s tenth largest trading partner, with 1.8 percent of total trade in 2020. Since the 1st India-EU Summit in 2000, bilateral trade in goods has increased from €25.6 billion in 2000 to €77.77 billion in 2019, and then declined to €65.17 billion in 2020 amid the Covid-19 pandemic (Eurostat 2021).
This story is from the May 2021 edition of Extraordinary and Plenipotentiary Diplomatist.
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This story is from the May 2021 edition of Extraordinary and Plenipotentiary Diplomatist.
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