India-EU FTA talks may gain pace with Spain taking up EU Presidency
- Both the nations have also agreed to further extend cooperation in sectors like civil aviation, automation, surveillance, high speed railways and related segments.
New Delhi: India and Spain expect the India-EU trade talks to witness “considerable progress” when Spain takes up the presidency of the European Union during the second half of 2023.
Both the nations have also agreed to further extend cooperation in sectors like civil aviation, automation, surveillance, high speed railways and related segments.
These aspects came under discussion during the 12th session of the India-Spain joint commission for economic cooperation (JCEC), which was held on April 13 in New Delhi.
Commerce Secretary Sunil Barthwal and Xiana Mendez, Spanish Secretary of State for Trade, co-chaired the session, as both the sides celebrated the Golden Jubilee edition of the India-Spain Joint Commission mechanism which was established in 1972. During the past 50 years, a remarkable enhancement of bilateral trade and investment has taken place.
“With an investment of $3.7 billion, 250 Spanish companies are active in India and 40 Indian companies are present in Spain, working in different sectors such as IT, pharma, renewable energy, automobiles and infrastructure, among others,” the Ministry of Commerce & Industry said.
Xiana emphasised the importance of India-Spain relationship and the Spanish partnership in India’s development stories. Spanish side has reaffirmed the further cooperation in the various sectors including in the field of Civil Aviation such as automation, surveillance and navAids, high speed railways, railways networking, signalling, traffic management etc.
Both sides also agreed for further cooperation in the field of renewable energy, shipping, ports, tourism, infrastructure, food processing, pharmaceuticals, technology, innovation, and defence sector.
The status of various MOUs were also reviewed including those of important interest for bilateral relations such as MOUs on migration and mobility, agreement on social security, cyber security etc.
Both sides also discussed various market access issues faced by their exporters and agreed to resolve the same through bilateral discussions.
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First Published:14 Apr 2023, 09:52 PM IST
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