The India-EU summit set for January 27 signifies the deepening economic relations between the two sides amidst global market uncertainties. Prime Minister Narendra Modi will host the summit, co-chaired by European Council President Antonio Costa and European Commission President Ursula von der Leyen. Both parties will announce the conclusion of FTA negotiations during the summit.
India’s trade in goods with the EU totaled about USD 136 billion in FY 2024-25, with exports at USD 76 billion and imports at USD 60 billion. The bilateral trade in services between India and the EU has shown consistent growth from 2019 to 2024, with Indian exports rising to EUR 37 billion and imports from the EU reaching EUR 29 billion in 2024.
The establishment of the India-EU Trade and Technology Council in April 2022 laid the groundwork for enhanced ties between the two sides. This council serves as a strategic coordination mechanism to address challenges at the intersection of trade, technology, and security. Additionally, agreements on Semiconductors and 6G technology have been signed between India and the EU.
India and the EU collaborate closely on energy and climate initiatives. The European Investment Bank supports India’s climate and energy transition by funding sustainable projects in urban transport and mobility. Cooperation also extends to areas such as offshore wind energy, gas infrastructure development, and technology transfer.
