External Affairs Minister of India Dr. S Jaishankar emphasized the significance of the India-EU relationship, stating that it is more important than ever before, in his remarks at the IIC Bruegel Seminar in New Delhi.
Key Takeaways:
- A stronger India-EU partnership can be a vital stabilizing force in an increasingly volatile and uncertain world.
- The two sides share common interests, values, and a commitment to democracy, pluralism, and market economies.
- The European Union is India’s largest economic partner, and the two sides are exploring new areas of cooperation, including maritime security, defense, and technology.
Bottom Line:
The India-EU relationship is more important than ever before, and a stronger partnership between the two sides can serve as a stabilizing factor in the world. With common interests, values, and a commitment to democracy, pluralism, and market economies, India and the EU are poised to take their relationship to the next level.
Addressing Global Challenges:
EAM Dr. S Jaishankar highlighted the need for India and the EU to work together to address global challenges such as climate change, trade, and geopolitics. He noted that the current model of globalized trade has been gamed for the benefit of a few, leading to a backlash against free trade. He also emphasized the importance of de-risking the international economy and diversifying production and supply chains.
India-EU Cooperation:
EAM Dr. S Jaishankar highlighted several areas of cooperation between India and the EU, including:
- Maritime security and defense cooperation
- The Indo-Pacific Strategy and Global Gateway
- The Trade and Technology Council to deal with controlled technologies and digital transactions
- Cooperation in disaster resilience, clean technologies, sustainable urbanization, and infrastructure development
- Bilateral cooperation with EU nations
IMEC Initiative:
Dr. Jaishankar also drew attention to the India-Middle East-Europe Economic Corridor (IMEC) initiative, which aims to create land connectivity eastwards through South East Asia. He noted that this initiative has the potential to be a game-changer, not just between India and Europe, but also for the entire region.
Digital Landscape:
Addressing the digital landscape, Dr. Jaishankar raised concerns about data privacy and security, particularly in the context of international data flows. He noted that while nations focus on domestic data protection, the implications of data harvesting beyond their borders remain a pressing issue. The advent of artificial intelligence has further complicated these discussions, necessitating a renewed emphasis on trust and transparency in the digital realm.
Climate Governance:
On climate governance, Dr. Jaishankar expressed disappointment over the Global South’s struggle to secure resources for a sustainable transition. He criticized global summits for often devolving into exercises in “creative accounting” rather than producing tangible solutions. The minister highlighted the growing protectionism disguised as climate action, which undermines the accessibility of green technologies for developing nations.
Global Trade Vulnerabilities:
Transitioning to the intersection of trade and geopolitics, Dr. Jaishankar underscored the vulnerabilities arising from the concentration of manufacturing in specific regions. He cited the COVID-19 pandemic as a stark reminder of supply chain fragility, exacerbated by ongoing conflicts and climate-related challenges. The minister stressed the need for diversification in production and the establishment of resilient supply chains as critical priorities for the global economy.
Dr. Jaishankar’s remarks set the stage for a robust dialogue on the future of global trade and geopolitics, underscoring the need for proactive engagement and collaboration among nations to navigate the complexities of the contemporary world.
Conclusion:
In conclusion, Dr. Jaishankar emphasized the importance of a deeper India-EU collaboration, stating that it is in the mutual benefit of both sides. He called on the gathering to increase the number of proponents and advocates for this collaboration, both in Europe and India.
