European Union (EU)

What is the European Union (EU)?

27 nations make up the political and economic union known as the European Union (EU). One of the most potent trading blocs in the world, the EU supports democratic values in its member states. The euro is the official currency of 19 of these nations.

Following World War II, there was a desire to improve political and economic cooperation throughout the entire continent of Europe. This led to the creation of the EU.

In 2021, the EU’s GDP reached a total of 14.45 trillion euros. That comes to approximately $15.49 trillion. Around $23 trillion was the U.S. GDP during that time period.

History of European Union (EU)

The European Coal and Steel Community, which had just six members when it was established in 1950 and included Belgium, France, Germany, Italy, Luxembourg, and the Netherlands, is where the EU had its start. As a result of the Rome Treaty, it was given the name European Economic Community in 1957 and later changed to European Community (EC).

What Is the European Union’s Goal?

In order to improve everyone’s economic, social, and security welfare, the European Union was established. It is one of many initiatives made to unite the countries of Europe as an entire during World War II.

In what ways is the European Union evolving in the twenty-first century?

The countries of Western Europe made up the original members of the European Union. The EU has opened membership to the new Eastern European countries that formed after the fall of the Soviet Union in the twenty-first century. Bulgaria, Croatia, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia are some of its current members.

India-EU relations

The Indian Prime Minister and 27 EU leaders recently convened a virtual summit between their two countries. Due to shifting geopolitical conditions, which is also represented in this virtual meeting, Europe’s perspective of India is evolving.

The EU also unveiled a new strategy for working with India in 2018, describing it as a geopolitical pillar in a multipolar Asia that is essential for preserving the balance of power in the area.

Featured at the Virtual Summit

• Resumption of FTA Talks: The summit’s most important result was the decision by India and the EU to resume talks on a free trade agreement (FTA) after an eight-year gap. After the two parties were unable to come to an agreement on some crucial topics, including tariff reductions, patent protection, data security, and the ability of Indian professionals to work in Europe, these negotiations were put on hold in 2013.
• Resumption of BIT Negotiations: In addition, the two parties have decided to start negotiations on a stand-alone investment protection agreement and a geographical indications agreement.
• Connectivity Partnership: At the virtual summit, India and the EU announced the creation of an ambitious “connectivity partnership” in the digital, energy, transport, and people-to-people sectors. This partnership will allow the two parties to work together on sustainable projects in a variety of continents, from Africa to Central Asia to the larger Indo-Pacific region.