Commerce and Industry Minister Piyush Goyal on Monday called for an ambitious expansion of India-Spain economic ties, urging both countries to target a tenfold increase in bilateral trade, investments and tourism over the next decade.
Addressing an event in Madrid, Goyal proposed what he described as a “10x10x10 partnership” between the two countries, saying the scale of ambition should match the strength of their growing relationship.
“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 said.
Acknowledging that the targets may appear ambitious, the minister said transformative partnerships require bold goals.
“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 said.
Goyal identified advanced manufacturing, mobility, railways, sustainability, innovation, science, arts and culture as key areas where India and Spain could deepen cooperation.
Highlighting India’s engagement with the European Union, the minister said the proposed India-EU Free Trade Agreement (FTA) would unlock significant opportunities for businesses on both sides.
“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 are completely aligned in this partnership with India, as are businesses in India — not a murmur of dissent or dissatisfaction back home in India,” he said.
Goyal noted that India and the European Union together account for nearly 30 per cent of global trade and economic output, with substantial scope to expand cooperation across trade, investment, technology, education, tourism, culture, space and defence.
“Immense possibilities await the European Union and India,” he said.
–IANS
