Economic Cooperation and Trade b/w India and EU: UPSC Daily Important Topic | 29 September 2022

Economic Cooperation and Trade b/w India and EU

✓The EU as a bloc of 28 countries is India’s largest regional trading partner while India was the EU’s 9th largest trading partner in 2016.

✓ Bilateral trade in goods standing at US$ 88 bn in 2016. The EU is also the largest destination for Indian exports.

✓In goods, India’s export to the EU in 2015 stood at € 39.41 billion ($43.73 billion) while India’s imports from the EU were valued at € 38.1 billion ($42.3 billion).

✓In 2015, the trade balance in goods was in India’s favour by €1.3 billion ($1.44 billion).

✓India’s bilateral trade with the EU28 during the first eight months of 2016 (Jan-Aug 2016)stood at €51.2bn with India’s exports valued at €26.6bn and India’s imports from the EU at €24.6bn.

✓EU bilateral trade in services was €27.7billion ($30.75 billion) in 2015 comprising Indian exports of services to the EU worth € 13.67billion ($15.17 billion) and Indian imports from the EU worth €14.03billion ($15.58 billion).