list three reasons that drew traders to india discuss the importance of association formed by the traders during this time
Answers
European trading companies ventured across the oceans so as to look for new lands from where they could buy goods at a cheap price, and carry them back to Europe to sell at higher prices. The fine qualities of cotton and silk produced in India had a big market in Europe. Indian spices like pepper, cloves, cardamom and cinnamon too were in great demand. Hence European trading companies were attracted to India.
Trade
The EU is India's largest trading partner with 12.5% of India's overall trade between 2015 and 2016, ahead of China (10.8%) and the United States (9.3%). India is the EU's 9th largest trading partner with 2.4% of the EU's overall trade. Bilateral trade (in both goods & services) reached €115 billion in 2017[3] EU exports to India have grown from €24.2 billion in 2006 to €45.7 billion in 2018. India's exports to the EU also grew steadily from €22.6 billion in 2006 to €45.82 billion in 2018,[2] with the largest sectors being engineering goods, pharmaceuticals, gems and jewellery, other manufactured goods and chemicals. Trade in services has also tripled between 2005 and 2016, reaching €28.9 billion. India is among the few nations in the world that run a surplus in services trade with the EU. Investment stocks from Europe to India reached €51.2 billion in 2015.[4]
France, Germany and UK collectively represent the major part of EU-India trade.[5]