India and the European Union : UPSC Daily Important Topic | 23 September 2022

India and the European Union

◽ The European Union (EU)

✓The European Union has evolved into a hybrid intergovernmental and supranational organization of 28 countries across the European continent

✓With a population of 516,195,432, it constitutes an important market.

✓With just 6,9% of the world’s population, the EU’s trade with the rest of the world accounts for around 20% of global exports and imports.

✓Over 62% of EU countries’ total trade is done with other EU countries.

✓A common currency – The Euro as a common currency circulates among 19 of the member states known as the Eurozone, under the auspices of the European Economic and Monetary Union (EMU).