India dubbed 'indispensable' strategic partner for EU

India remains an indispensable strategic partner for the European Union, Foreign Policy chief Josep Borrell said and added that the country will become the third largest economy in the coming years, according to a statement released by EU.

While addressing the India-Europe Business and Sustainability Conclave, Borrell said, "We see that the multilateral system is in crisis. Power politics and distrust among main actors are putting pressure on the United Nations system, on the G20, on the World Trade Organisation (WTO) and beyond. Let's hope that today, we could try to solve some things at the G20 [Foreign Ministers'] meeting."

"We are facing geopolitical challenges, and India - believe me - remains an indispensable strategic partner for the European Union. You are - you have become - the fifth economy in the world, the most populated country and in not many years you will be the third economy in the world," he added.

In the Conclave, the EU's top diplomat laid out three points and they are energy, technology and economics.

Borrell said that currently, the whole world is facing an energy crisis. And the trend will continue because the world needs much more energy. The rich people can decrease consumption, but two-thirds of mankind need to consume much more, according to the statement..

EU is determined to make the green energy transition inclusive and socially just. The transition has to be just or it will not happen. If it is not just, [there] will be so much political resistance - both at home and abroad - that it will fail. So, let's provide cheaper, affordable, alternative ways of producing energy.

This will be mutually beneficial and a long-term partnership with India in coordination with the G7 countries, the statement read.

(ANI)