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Union Commerce and Industry Minister Piyush Goyal on Monday (local time) 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. 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. "Spain and India, two vibrant democracies with ties going back to ancient civilisational times, with many elements in our shared history which bring us closer together. Two countries who are pretty much aligned in their world view, who see the rules-based trading order as an important element of the future of trade and commerce in the world," he said. Highlighting the economic outlook of the two countries, Goyal said Spain continues to outperform despite signs of slowing growth in the European Union, while India remains the world's fastest-growing large economy. "Two of the world's most exciting economies, if I say so, in terms of potential to grow. Even EU is showing signs of slowing down, Spain continues to outperform. India, despite all global challenges, continues to be the fastest growing large economy," he said. Underscoring the scope for stronger economic cooperation, the minister said bilateral trade and services remain modest despite the combined size of the two economies. "I was just doing some maths and also taking the support of the IMF projections into the future, and if one looks at our trade and the size of support between Spain and India, you are a USD 2 trillion economy, we are a USD 4 trillion economy today. At USD 6 trillion, the total bilateral trade is less than USD 10 billion. Our trade in services barely touches USD 4 billion," Goyal said. Earlier in the day, Goyal met Spain's First Vice President and Minister of Economy, Trade and Business, Carlos Cuerpo, and discussed ways to strengthen the India-Spain economic partnership. Goyal said that he held productive discussions on enhancing trade, investment and technology collaboration, with a focus on renewable energy, green hydrogen, advanced manufacturing, digital technologies, infrastructure and innovation. (ANI)
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