Spanish President Pedro Sánchez said he looks forward to advancing EU-India FTA negotiations, highlighting the "enormous" potential for a stronger relationship between India and the 27-nation European Union bloc, including Spain.
The European Union (EU)-India proposed a free trade agreement (FTA) aimed at further boosting bilateral trade and investments between the two regions. The two sides are negotiating FTA, investment protection treaty and agreement on geographical indications (GIs).
"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 $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," Sánchez observed while addressing the CII Spain India Business Summit in Mumbai, a statement issued by the industry body said.
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This is Spanish President Sánchez's first visit to India.
"We have a lot to offer to India with our experience in solar and wind power. Our expertise can help India reach its goal 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," President Sánchez said.
He further said Spain's advanced railway systems, subway networks, and transport solutions can greatly benefit India's infrastructure projects.
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He expressed willingness on the part of Spanish engineering firms in terms of sharing their expertise in creating efficient and sustainable transport systems.
During the summit, Nitin Gadkari, Minister of Road Transport and Highways of India, said, "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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