The EU is India’s second largest trading partner (10.8 % in 2022) and India’s second largest export destination, both after the US, as well as the third largest origin of imports after China and the UAE. India is the EU’s 10th largest trading partner; in 2022, it accounted for 2.1 % of total EU trade in goods. In 2022, EU-India bilateral trade in goods amounted to €115.3 billion (€47.6 billion in exports and €67.6 billion in imports), with a deficit of almost €20 billion for the EU. India is a beneficiary of the EU’s Standard GSP (Generalised Scheme of Preferences). To make a comparison, even if part of a sharply decreasing trend (from €397 billion in 2022 to €291 billion in 2023), EU trade in goods with China is more than double: so there may be potential to develop EU-India trade. Trade in services between the EU and India was €40 billion in 2021 (the EU exported €19.2 billion and imported €20.7 billion). The EU’s share of FDI stock in India amounted to €87.3 billion in 2020, making the EU a leading foreign investor; however, the EU invested much more in countries like Brazil (€263.4 billion) and China (€201.2 billion). Negotiations on a bilateral trade and investment agreement (BTIA) began in 2007, stalled in 2013 and resumed in June 2022. The EU and India also launched negotiations on an investment protection agreement and on an agreement on geographical indications.
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