New Delhi, July 14: Union Commerce and Industry Minister Piyush Goyal met with Spain’s Minister of Industry and Tourism, Jordi Hereu, to explore new opportunities for enhancing India-Spain cooperation in trade, investment, manufacturing, innovation, tourism, and other future-ready sectors.
These key areas of the economy play a vital role in development, competitiveness, and job creation.
Goyal stated, “We also discussed the India-EU Free Trade Agreement (FTA) and reiterated our commitment to strengthening industrial partnerships, building robust supply chains, and deepening economic cooperation for mutual benefit.”
Previously, the minister suggested that India and Spain should aim to increase their bilateral trade and investment tenfold over the next decade.
He highlighted advanced manufacturing, mobility, railways, sustainability, innovation, arts, science, and culture as sectors where better collaboration could be achieved between India and Spain.
Goyal expressed his pleasure in addressing the India-Spain Business Forum, emphasizing the need to promote the free flow of goods and services to achieve significant growth in trade and investment relations.
He proposed four strategies to achieve this goal, including increasing mutual investments, leveraging all opportunities from the India-EU FTA, connecting tourism and talent, and strengthening government-to-government relations.
The minister noted that the implementation of the India-EU FTA would open up numerous opportunities for both India and the EU.
While addressing business leaders in Madrid, Goyal remarked, “This may be the only free trade agreement that Europe has finalized without criticism from any member country. All 27 member states are fully in agreement on this partnership with India, and there has been no dissent or discontent from businesses in India.”
Together, the EU and India account for nearly 30 percent of global trade and the global economy, with the potential to elevate cooperation in areas such as trade, business, investment, culture, education, tourism, technology, space, and defense to new heights.
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