In New Delhi, Spanish President Pedro Sanchez expressed his eagerness to advance the negotiations for the European Union (EU)-India Free Trade Agreement (FTA), emphasizing the significant potential for a strengthened relationship between India and the EU, including Spain. The proposed EU-India FTA aims to enhance bilateral trade and investment between the two regions. Current negotiations are focused on the FTA, an investment protection treaty, and an agreement on geographical indications (GIs).
President Sanchez remarked on the considerable potential for a robust partnership between India and the EU, highlighting Spain’s investment of USD 4.2 billion in India. He stated that advancing the EU-India FTA negotiations would help both markets grow in size and diversity. These comments were made during his address at the Confederation of Indian Industry (CII) Spain India Business Summit in Mumbai, as per a statement from the industry body.
This visit marks President Sanchez’s first trip to India. He noted that Spain has much to offer India, particularly in solar and wind power, expressing confidence that Spanish expertise can assist India in reaching its goal of 500 gigawatts of renewable energy by 2030. Spain is keen to partner with India to enhance its energy security and support its green transition, combining Spanish innovation with India’s potential for a substantial impact on the global economy and the environment.
Sanchez also highlighted Spain’s advanced railway and subway systems, suggesting they could significantly benefit India’s infrastructure projects. He conveyed Spanish engineering firms’ readiness to share their expertise in developing efficient and sustainable transport systems. During the summit, Nitin Gadkari, India’s Minister of Road Transport and Highways, stated that India’s Prime Minister aims for the country to be carbon neutral by 2070. He noted the priorities of green energy and mobility and recognized Spain’s technologies as having considerable potential for collaboration, which could lower costs and increase competitiveness in the global market.