India and the European Union can influence the creation of fairer globalisation and more effective multilateralism, External Affairs Minister S Jaishankar said on Monday, asserting that their ability to work together can help shape global outcomes.
In his remarks at the India-EU strategy group webinar, Mr Jaishankar said that for an India that is focussed today on deep reform and profound transformation, Europe is a natural partner when it comes to resources, technology or best practices.
“On their part, the Europeans need to appreciate the scale of this change and the opportunities that emerge from it — whether it is access to electricity or drinking water, financial inclusion or low-cost housing, we are talking of hundreds of millions being directly impacted in a short time frame,” he said.
The new demands that these processes generate contribute to the emergence of an additional engine of growth for the world economy, he said.
“My focus today is on the larger relevance of the India-EU partnership for the world. We are each political and economic poles in an increasingly multi-polar world. Our ability to work together, therefore, can help shape global outcomes,” Mr Jaishankar said.
“We can make a big difference in vaccine production and renewable energy. We can harmonise our developmental partnerships from Africa to the Caricom and the Pacific Islands. We can influence the creation of fairer globalisation and more effective multilateralism,” he said.
The India-EU engagement and synergy can surely help create a greener, human-centric and cooperative world, he said.
In his remarks at the session in which his Portuguese counterpart Augusto Ernesto dos Santos Silva also participated, Mr Jaishankar also asserted that there is a case for a reformed United Nations, World Trade Organization and World Health Organization.
Talking about the Indo-Pacific, the External Affairs Minister said, “What we are trying to do through Indo-Pacific is to encourage cooperation on global goods and global commons.”
“Bear in mind more than 50 per cent of our trade goes east of India, our stakes in the Indo-Pacific are very vital,” he said.
The 27-nation EU is India’s largest trading partner for goods with trade exceeding 100 billion dollars.
The bloc is one of the largest investors in India with cumulative investment of over 91 billion dollars. The EU is also an important source for technology, innovation and best practices for India.