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Business News/ News / World/  European Union has major stakes in the Indo-Pacific, says EAM Jaishankar at the EU-Indo-Pacific Ministerial
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European Union has major stakes in the Indo-Pacific, says EAM Jaishankar at the EU-Indo-Pacific Ministerial

India's foreign minister, S. Jaishankar, has said that the European Union has a major stake in Indo-Pacific developments, particularly in technology, connectivity, trade and finance. Speaking at the EU-Indo-Pacific Ministerial meeting, Jaishankar said that the Indo-Pacific region was increasingly central to the direction of global politics. The meeting aims to deepen ties between Europe and key Indo-Pacific nations.

European Union has major stakes in the Indo-Pacific, says EAM Jaishankar at the EU-Indo-Pacific MinisterialPremium
European Union has major stakes in the Indo-Pacific, says EAM Jaishankar at the EU-Indo-Pacific Ministerial

India’s foreign minister S. Jaishankar said Europe has a stake in Indo-Pacific developments at the EU-Indo-Pacific Ministerial meeting.

“Globalization is the overwhelming reality of our times. However far apart, regions and nations cannot be impervious to significant events elsewhere. Nor can we cherry-pick them to our convenience. The European Union has major stakes in Indo-Pacific developments, especially as they pertain to technology, connectivity, trade and finance," Jaishankar said.

“Indo-Pacific itself is increasingly central to the direction of global politics. Among the issues that it throws up, are the problems inherent in the established model of globalization. Recent events have highlighted the problems with economic concentration, as also the need for diversification. De-risking the global economy now involves both, more reliable and resilient supply chains, as well as promoting trust and transparency in the digital domain. EU and indeed the world, is better off with additional drivers of production and growth," the minister went on to say.

The ministerial meeting serves to deepen ties between Europe and crucial Indo-Pacific nations.

“The forum will highlight the ambition of the EU and its member states to deepen their engagement in the Indo-Pacific and to promote their cooperation model based on openness and inclusiveness," according to the European External Action Service.

“In such an engagement with the Indo-Pacific, the EU will naturally seek like-minded partners. India is certainly among them. There may be historical and cultural divergences but at the end of the day, we are political democracies, market economies and pluralistic societies. Transformations under way in India, like digital public delivery or green growth initiatives, certainly merit EU’s attention. India is also rapidly expanding its global footprint and will intersect with that of the EU more in the coming years," India’s top diplomat said.

The minister pointed to platforms such as the Indo-Pacific Economic Framework (IPEF) and the Maritime Domain Awareness initiative as potential new areas of cooperation. He also pointed to the Indo-Pacific Oceans Initiative (IPOI) as another possible area of collaboration between the EU and India.

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Published: 14 May 2023, 11:42 AM IST
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