New Delhi, Nov 26 (IANS): India on Monday welcomed the release of the Joint Communication by the European Commission on India-EU partnership and said that it refers to the country as an emerging global power that plays a key role in the current multi-polar world and is a factor of stability in a complex region.

In a statement, the Ministry of External Affairs said India's engagement with the European Union has substantially intensified since the establishment of strategic ties in 2004.

"The government of India welcomes the release of the Joint Communication by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy on 20th November, 2018 on the EU's vision for a strategy on India - 'A Partnership for Sustainable Modernisation and Rules-based Global Order'.

"The strategy covers India-EU partnership over the next 10 to 15 years. The Joint Communication refers to India as an emerging global power that plays a key role in the current multi-polar world and a factor of stability in a complex region. The report recognises India's consistent economic growth, demographic dynamism and modernisation drive and calls for greater India-EU political, security and defence cooperation," the statement said.

The statement said India-EU cooperation now spans over 30 dialogue mechanisms, covering foreign policy and security issues, trade and investment, sustainable development and modernisation, research and innovation as well as people-to-people contacts.

With a bilateral goods and services turnover in excess of $100 billion, the EU is India's largest trading partner, said the statement, adding the EU is also a significant source of foreign direct investment for India with cumulative investment flows in excess of $91 billion from 2000 to June 2018.

"India looks forward to engaging with the EU not only on a robust bilateral agenda, but also on regional and global issues of shared concern and for reforming the multilateral system and institutions to better reflect contemporary global realities," the statement added.