India and Spain should look at increasing their bilateral trade and investments 10 times in the next 10 years, Commerce and Industry Minister Piyush Goyal said on Monday. He said that advanced manufacturing, mobility, railways, sustainability, innovation, arts, science, and culture are some of the areas of greater collaboration between India and Spain.
“India and Spain must look at a 10x10x10 partnership. We must look at increasing our bilateral trade 10x in the next 10 years. Can we look at an increase in tourists, both sides, 10x in the next 10 years? Can we also imagine that we will increase our investments between the two countries 10x in the next 10 years?” Goyal told the gathering at an event in Madrid.
“It may sound a little extravagant but friends, the real test of the strength of this partnership will come in giving ourselves some truly path-breaking and out of the ordinary, possibly unimaginable targets,” he noted. Goyal further said that immense opportunities await India and the EU with the operationalisation of the India-EU FTA.
“This is perhaps the only free trade agreement that Europe has finalised without any criticism from any of the member states. The 27 member states completely aligned in this partnership with India, as are businesses in India — not a murmur of dissent or dissatisfaction back home in India,” Goyal told businesses and leaders.
The EU and India collectively represent nearly 30 per cent of the global trade and global economy, with the potential to take it to much higher levels in terms of engagement in trade, business, investments, exchanges in culture, education, tourism, technology, space and defence. “Immense possibilities await the European Union and India,” said the Commerce Minister.