New Delhi, India: The Foreign Policy Chief of the European Union, Josep Borrell hailed India, stating India remains an indispensable strategic partner for the EU, adding further, on the potential of India to become the third largest economy in the World in the upcoming years.
As Borrell addressed the India-Europe Business and Sustainability Conclave, he mentioned the multilateral system to be in crisis and brewing distrust among the main actors that have been pressurizing the United Nations system, G20 and the World Trade Organization. He also expressed hope of resorting things out at the G20 Foreign Ministers’ Meeting.
The Foreign Policy Chief of the European Union stressed three major points at the Conclave, which include energy, economics and technology.
On the energy upfront, Borrell stated that World today needs much more energy supply, which cannot be simply met by saving or reducing consumption as the rich can reduce consumption, but there’s still a section that needs to consume much more energy.
Notably, the European Union relied on energy imports from Russia, which formed about 40%. In fact, some of the member states were completely dependent on Russia. We now know that the supplier has strategic motives and that the nature of the regime of the supplier matters. We had to take significant measures to free the EU from these dependencies – and we really have been successful. Germany has totally eradicated its dependence on Russian fossil fuels in a record time, stated Borrell.
Thus, considering the geopolitical setting, India can greatly contribute in enhancing energy cooperation; on solar, green hydrogen and offshore green energy, where Intensifying the role of private sectors in India and Europe would be pivotal, added Borrell. EU envisages an inclusive and just energy transition that would be cheaper, affordable with alternative ways of energy production.
In technology, the United States has been the front runner along with four Non-US firms, which include Taiwan Semiconductor Manufacturing Company Limited (TSMC); SML from the Netherlands, BYD and CATL from China. The Chips’ production is being pioneered by Google, Apple, Facebook and Amazon, while Taiwan and Korea master the production of the semiconductor, of which the EU imports about 85%.
Josep Borrell also asserted the European dependence on lithium, Cobalt, Rare earth for batteries, and magnets for turbines, which are located in limited countries, which include Australia, Congo, Chile and China. Thereby expressing his interest his expanding collaboration with India on numerous digital initiatives and achieving tangible results.