India-European Union
Significance
- To Counter China: Europe has the financial and technological clout to be a key ally for India in the fight against China's economic and political hegemony.
- Economic Importance: In 2021–2022, bilateral trade between India and the EU was USD 116.36 billion. Despite the global upheavals, bilateral trade grew at a remarkable rate of 43.5 per cent annually in 2021–2022. The EU is currently India's second-largest commercial partner after the United States and the second-largest market for Indian exports. The establishment of the EU-India Trade and Technology Council for enhancing economic and technological ties has been agreed upon by both ....
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