2004年5月歐盟完成東向擴張，成員國涵蓋面積達390萬平方公里，人口數達到4億6千萬人。現今25國的歐盟已成為國民生產毛額GDP超過9兆7千億歐元的全球最大的貿易體。在東亞這端，中國和印度之國民生產毛額已成為亞洲地區僅次於日本的規模。2000年到2005年間，全球經濟成長中約有兩成來自於這兩大國的貢獻。由於看好亞洲新興市場崛起的趨勢，歐盟在1994年提出「邁向亞洲新策略」（Towards a New Asia Strategy），做為發展歐盟與亞洲關係的政策主軸，以擴大歐盟國家在東亞和東南亞貿易及投資之機會。1993年12月歐盟與印度簽署「夥伴及發展合作協定」（Cooperation Agreement on Partnership and Development）並發表共同政治聲明，對促進雙邊關係產生明顯的推力。2004年是歐盟與印度關係進一步發展重要的里程碑。歐盟與印度另再簽署「歐盟與印度策略夥伴關係協議」，在防止地區衝突、反制恐怖主義、擴張經濟關係、促進印度社會發展並加強文化交流等領域，加強進行合作與交流。然而印歐雙方還是有些歧見，其中最引人注目的就是關於印度進行核武試爆與發展長程導彈，以及處理印巴領土爭議與在印度境內壓制回教激進份子的人權問題。克服這些合作互動的障礙，還需要雙方更大的努力。

India is home to more than one-sixth of humanity and the fourth largest economy in the world. As the EU's 2002-2006 Country Strategy paper states, “India has developed the world's fourth largest economy with a growth rate that since 1980 ranks amongst the highest in the world, and a rapidly expanding global imprint in information technology.” With the accession of another 10 states on May 1, 2004, the European Union has become a trade giant in the world. the EU bloc has emerged as India's single largest trading partner accounting for more than one-fifth share in both exports and imports. The EU is also India's biggest partner in development cooperation and the second largest source of foreign direct investment". The prospect of a morally co-equal partnership with India should appeal to the EU. Building on the solid foundation of trade and economic synergy, India and the EU could operationalise their common commitment to a multi-polar world by elevating the India-EU Partnership into a strategic alliance. According to European Union's former Commissioner Chris Patten, "if there is natural partner for Europe in South Asia, then surely it is India."