The European Union (EU) is a political and economic union of 27 European countries. It is one of the world’s largest economies and a major partner for India. Here is a simple guide.
How it began
The EU grew out of efforts to bring peace and prosperity to Europe after the Second World War. In 1951, six countries set up the European Coal and Steel Community. The 1957 Treaty of Rome created the European Economic Community. The Maastricht Treaty, signed in 1992 and in force from 1993, formally created the European Union.
Members
The EU has 27 member states, including Germany, France, Italy, Spain, Poland and the Netherlands. The United Kingdom left the EU in January 2020 after the Brexit referendum. Several countries, including Ukraine, are candidates for membership.
Single market
The EU’s single market allows free movement of goods, services, capital and people among members. It also works as a customs union, with common tariffs on imports from outside.
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The euro
The euro is the common currency of most EU members, known as the euro area. It is managed by the European Central Bank in Frankfurt. Some EU members, like Sweden, Poland and Denmark, still use their own currencies.
Key institutions
- European Commission: proposes laws and runs EU policies. Its President is Ursula von der Leyen.
- European Parliament: directly elected by EU citizens, it passes laws with the Council.
- Council of the EU: ministers from member states who pass laws and budgets.
- European Council: heads of state or government who set overall direction.
- Court of Justice of the EU: ensures EU law is applied equally.
Many institutions are based in Brussels, with others in Strasbourg and Luxembourg.
India and the EU
- The EU is one of India’s largest trading partners for goods.
- India and the EU have held summits since 2000 and are strategic partners.
- In 2022, they relaunched talks on a free trade agreement, an investment protection agreement and a geographical indications agreement. Check official sources for the latest status of these talks.
- In 2023, they launched the India EU Trade and Technology Council.
Schengen area
Many EU countries, along with some non EU countries, are part of the Schengen area, which allows travel without border checks. Indian travellers can visit all Schengen countries with one Schengen visa.
Bottom line
The EU unites 27 nations in a single market with shared institutions. For India, it is a key partner in trade, technology and global issues like climate change.
Source / स्रोत: European Union, Delegation of the EU to India, Ministry of External Affairs
