Russia's aggression against Ukraine causes record increase in world military spending – Borrell

EU High Representative Josep Borrell said this at the EU Indo-Pacific Ministerial Forum. The full text of his speech was published on the website of the European External Action Service.  

 “The global security environment continues to deteriorate. There is less trust among the main players. And many countries feel forced to expand their military investment. World military spending last year grew again to an all-time high, reaching of 2.2 trillion US Dollars,” he said.

According to Borrell, one of these factions that caused such a development was Russia’s war against Ukraine. The military expenditure in countries in Europe is 30% higher than in 2013, before the takeover of Crimea by Russia. And across Asia, the trend of increasing military expenditure is even greater. Last year, the military expenditure in Asia and Oceania was 45% higher than in 2013.

“Russia’s aggression against Ukraine is … not ‘just a European war’. The principles at stake affect everyone. And it [the war] clearly has global consequences in terms of food and energy prices for almost all human beings…But we [Europe] have vital interests in the stability and prosperity. We have vital and common interests in our prosperity and security,” Borrell said.

He reminded that this year, two third of the global growth will happen in the Indo-Pacific region.  Every day, 2,000 ships transport goods between the Indian Ocean and the South China Sea towards Europe. Last year, EU imports from the Indo-Pacific region accounted for 37% of total extra-EU imports, while EU exports to the region accounted for 25%.

Borrell noted that this EU Indo-Pacific Ministerial Forum follows the previous one in Paris last year.  He also said that such forums have to take place every year because “Europe and the Indo-Pacific are highly inter-connected and inter- dependent”.