Trade between the EU and India over the past decade has been equally impressive, said Šefčovič. “Trade between India and the EU has grown 90% in the past decade. I think you can hardly find the bilateral economic relationship which is growing so fast and has so much potential for cooperation,” he said.
Šefčovič also alluded to future synergies between the two parties that would drive technological advancements, enhance supply chains, and accelerate innovation. “The automotive sector powers both our economies, and I think it will be at the centre of the partnership,” he said.
Šefčovič also invoked Karl Benz, the German inventor of the automobile, who said, “The love of inventing never dies.” Europe’s expertise in engineering and green technology, combined with India’s growing market and manufacturing capabilities and capacity, offers a unique blend that can foster growth, create jobs, and promote sustainability in both regions, he added.