Except France, nobody in Europe has the defence budget to be relevant anywhere in the world. Likewise, there is no appetite for increasing such budgets; but a combination of all of them and the economic muscle they have behind, is mighty enough to be paid attention to. A boycott by this or that market is fairly irrelevant in the global scheme of things, but an EU-wide blockade is an existential threat for a lot of people (including recalcitrant actors like China and Israel).