Union Commerce Minister Piyush Goyal met Spanish Industry Minister Jordi Hereu to discuss strengthening collaboration in trade, investment, manufacturing, and tourism. They also exchanged views on the India-EU FTA and a roadmap for future cooperation.
Deepening Economic Ties
Union Commerce and Industry Minister Piyush Goyal met Jordi Hereu, the Minister of Industry and Tourism of the Government of Spain, to discuss opportunities to strengthen collaboration between the two nations across multiple economic segments. The bilateral talks focused on expanding partnership areas in trade, investment, manufacturing, innovation, tourism, and other future-ready sectors that drive growth, competitiveness, and job creation.
"Held productive discussions with Mr. @JordiHereuB, Minister of Industry and Tourism of Spain. We explored new opportunities to strengthen India-Spain collaboration in trade, investment, manufacturing, innovation, tourism and other future-ready sectors that drive growth, competitiveness and job creation. We also exchanged views on the India-EU FTA and reaffirmed our commitment to strengthening industrial partnerships, building resilient supply chains and deepening economic cooperation for the mutual benefit of both nations," Goyal said on X.
Setting Ambitious Trade Goals
The meeting followed earlier statements by the Union Minister on Monday (local time), where he said he was not satisfied with the goal of merely doubling India-Spain bilateral trade every three years, asserting that the two countries should aim far higher than a seven-fold increase over the next decade and work together on a roadmap to unlock their full economic potential.
Addressing the India-Spain Business Forum, Goyal welcomed a proposal by Spain's Minister of Economy, Trade and Business, Carlos Cuerpo, to jointly prepare a roadmap for future economic cooperation. "Could we create a roadmap, as was suggested by my friend and counterpart Carlos this morning, Minister Carlos? That if we are to really get the best out of the potential that the two countries hold, let's sit down and create a roadmap for the future. I love the idea," Goyal said.
Referring to the suggestion by the ambassador of doubling bilateral trade in the next three years, Goyal said the target was encouraging but not ambitious enough. "And then that got me thinking... we should be looking at doubling the bilateral trade in the next three years. That's super. Much better than what most countries would do. But then, even if we were to double it in three years, and then double it again in another three years, and then double it again in another three years, we are looking at a 7x growth in 10 years. But that's what the ambassador said. As minister, I cannot just be satisfied with that," he said.
Untapped Potential and Shared Values
He said that India and Spain have significant untapped potential to expand bilateral trade and investment, stressing that the current level of commercial engagement does not reflect the size and strength of the two economies.
Goyal described India and Spain as "two vibrant democracies" with ancient civilisational ties and a shared commitment to a rules-based global trading order. (ANI)
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