EU takes on India, China

Brussels, May 5:

The European Union’s biggest enlargement till date in 2004 has proved to be a huge economic success in the face of emerging superpowers India and China, according to the European Commission.

A statement was released on the occasion of the two-year anniversary of the integration of 10 Eastern European countries to the 15-member EU in 2004.

It said that enlargement has acted as “a force of modernisation in the EU as a whole - a timely force given the sudden emergence on the world scene of China and India”. The 10 new member states’ economies are growing at a rapid pace enabling them to progressively bridge the gap with their richer neighbours, said the statement.

Joaquin Almunia, the European Commissioner for Economic and Monetary Affairs, said, “We all win as the citizens in the new member states see their standards of living increasing and companies take advantage of new business opportunities.”