India and Spain have agreed to strengthen cooperation in trade, investment, manufacturing, innovation and tourism, while reaffirming their commitment to building resilient supply chains. Commerce Minister Piyush Goyal also highlighted the transformative potential of the India-EU Free Trade Agreement (FTA) for accelerating bilateral economic growth.
Key Highlights
- India and Spain agreed to expand cooperation in trade, manufacturing, innovation and tourism.
- Piyush Goyal called for a tenfold increase in bilateral trade and investments over the next decade.
- Both countries reaffirmed support for resilient supply chains and stronger industrial partnerships.
- The India-EU Free Trade Agreement is expected to unlock significant business and investment opportunities.
New Delhi, July 14: India and Spain have reaffirmed their commitment to strengthening industrial partnerships and building resilient supply chains during a meeting between Commerce and Industry Minister Piyush Goyal and Spain’s Minister of Industry and Tourism, Jordi Hereu. The leaders explored new opportunities to expand collaboration across trade, investment, manufacturing, innovation, tourism and other future-ready sectors that can drive sustainable economic growth and job creation.
During the discussions, both ministers exchanged views on the proposed India-European Union Free Trade Agreement (India-EU FTA) and reiterated their shared commitment to deepening economic cooperation. The partnership aims to create stronger industrial linkages, diversify supply chains and improve market access for businesses in both countries.
Addressing the India-Spain Business Forum in Madrid, Piyush Goyal urged businesses and policymakers to work towards increasing bilateral trade and investment tenfold over the next ten years. He identified advanced manufacturing, mobility, railways, sustainability, innovation, science, arts and culture as key sectors with immense potential for collaboration between the two nations.
The Commerce Minister outlined four strategic priorities to achieve this ambitious target: encouraging deeper investments in each other’s economies, leveraging opportunities arising from the India-EU FTA, strengthening tourism and talent exchanges, and enhancing government-to-government cooperation. These measures, he said, would create a stronger foundation for long-term economic engagement.
Highlighting the significance of the India-EU Free Trade Agreement, Goyal said the proposed pact enjoys broad support across all 27 European Union member states and has also received positive responses from Indian businesses. According to him, the agreement has the potential to significantly expand trade, investment and industrial cooperation between India and Europe.
Together, India and the European Union account for nearly 30% of the global economy and global trade, offering enormous opportunities to deepen collaboration in technology, education, tourism, culture, space, defence and innovation. The strengthening of India-Spain relations is expected to further reinforce this broader strategic partnership while enhancing economic resilience and global competitiveness.
The renewed India-Spain partnership reflects a shared vision of expanding trade, strengthening industrial cooperation and leveraging the India-EU FTA to unlock new opportunities for sustainable economic growth.
