Indo – Europe Relations

Context:

At a time when Europe is embroiled in turmoil Prime Minister Narendra Modi’s visit to Germany, Denmark and France is significant.

The Prime Minister’s visit has resulted in signing of various new agreements in diverse sectors including green energy, migration and mobility and blue economy.
Apart from PM’s visit to Europe there have been many high profile visits from Europe to India including the President of the European Commission, PM of UK Mr Boris Johnson, etc.
The PM’s visit has come at a time when the whole world is looking towards the Indo Pacific.
Indo Pacific is very significant for Europe because upto seventy percent of the trade of Europe happens in the Indo Pacific.
So, considering India’s strategic position in the Indo Pacific it is obvious that Europe becomes a natural partner to India in the region.
This is one of the primary reasons that Europe pitches for a free, open, inclusive and rules-based Indo-Pacific region.

Germany being one of the Industrial hubs is India’s largest trading partner within Europe, Bilateral trade between the two nations in 2021–22 was US$ 24.84 billion.
Apart from this there are numerous German based companies in India providing employment to lakhs of skilled labours.
Numerous commitments were made including huge invstments in the Green initiatives of India.
This will help Indian in leveraging its capabilities to meet its target made in Glasgow in 2021.
Germany is also looking to diversify its energy requirements through green initiatives especially after the Ukraine crisis because Germany is the biggest European power dependant on Russia for its energy needs.
Apart from this the two countries have come forward in the implementation of ‘Triangular Development Cooperation Projects in third countries’, in Africa and Latin America.

The three Ts of Prime Minister Modi’s visit to Denmark were Trade, Technology, and Talent. Bilateral commerce in goods and services between India and Denmark has increased by 78% from US$ 2.8 billion in 2016 to US$ 5 billion in 2021, however there is still a lot of untapped potential.
In India, almost 200 Danish companies have invested in shipping, renewable energy, agriculture, and smart city development.
The second ‘T’ is that Nordic countries are pioneers in green technologies. In September 2020, India and Denmark launched the ‘Green Strategic Partnership,’ which will focus on green transition, energy research, and bio-resources, among other things.

Source The Hindu

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