The European Union would like to strengthen trade ties with India in preparation for a hard Brexit.
As the deadline of March 29, 2019 approaches and Britain gets ready to step out of the 28-member European Union, there is pressure on India to strengthen business ties with the EU. Overtures from France and Germany have been coming regularly. In the beginning of this year, French President Emmanuel Macron was in India. During the visit, a total of €13 billion in investment deals was signed.
Soon after came the German President, Frank-Walter Steinmeier. Speaking at the Delhi University, the President made it clear, that “with our French partners, we can become India’s new strategic anchor on the European Continent and in the European single market”.
Indeed, there is reason enough. According to the European Commission, the EU is India's number one trading partner (13.5 per cent of India’s overall trade with the world in 2015-16), well ahead of China (10.8 per cent), USA (9.3 per cent), UAE (7.7 per cent) and Saudi Arabia (4.3 per cent). The value of EU exports to India has grown from €24.2 billion in 2006 to €37.8 billion in 2016, with engineering goods, gems and jewellery, other manufactured goods and chemicals ranking at the top. Similarly, the value of EU imports from India has also gone up from €22.6 billion in 2006 to €39.3 billion in 2016.
This story is from the December 2018 edition of Cruising Heights.
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This story is from the December 2018 edition of Cruising Heights.
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