Spanish President Pedro Sanchez expressed optimism for enhancing negotiations on the EU-India Free Trade Agreement (FTA) during his address at the CII Spain India Business Summit in Mumbai on Tuesday. He emphasized the significant potential for a stronger relationship between India and the 27-nation European Union, including Spain.
The proposed FTA aims to boost bilateral trade and investment between the two regions. In addition to the FTA, the discussions also cover an investment protection treaty and an agreement on geographical indications (GIs).
Sanchez remarked, "The potential for a stronger relationship between India and the European Union (including Spain) is enormous. Spain is one of the largest economies in the world and has invested USD 4.2 billion in India. We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity."
He highlighted Spain's expertise in solar and wind power, noting that it could aid India in achieving its target of 500 gigawatts of renewable energy by 2030. "We are committed to partnering with India to boost its energy security and green transition. By combining Spanish innovation with India's potential, we can make a big impact on the global economy and the environment," Sanchez added.
Sanchez also mentioned Spain's advanced railway systems, subway networks, and transport solutions, which could significantly benefit India's infrastructure development. He expressed the willingness of Spanish engineering firms to share their knowledge in creating efficient and sustainable transport systems.
During the summit, Nitin Gadkari, India’s Minister of Road Transport and Highways, echoed the sentiment, stating, "Our Prime Minister's dream is to make India carbon neutral by 2070. Whether it's fossil fuel or energy, green energy and green mobility are now priorities. There is great potential for wind and solar power. I am pleased that many technologies are available in Spain that have great potential in India. Joint ventures can reduce costs and increase competitiveness in the global market."
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