This visit by the Spanish Prime Minister strengthens the foundation of India-EU relations, setting the stage for a future marked by stronger trade ties, technological innovation, and defence collaboration
In a recent bilateral meeting at the historic Laxmi Vilas Palace in Vadodara, Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez highlighted the Free Trade Agreement (FTA) between India and the European Union as a top priority, business-standard.com reported.
Both leaders expressed their commitment to achieving an “early and ambitious” agreement, a goal emphasized by the Ministry of External Affairs (MEA) following their discussions.
Prime Minister Modi and Sanchez explored a wide array of shared interests, including trade, defence, and technology collaboration. MEA Secretary (West), Tanmaya Lal, confirmed that negotiations on the FTA, along with an investment protection agreement and a geographical indications (GIs) agreement, are ongoing. “Both India and Spain are eager to finalize an agreement that aligns with the mutual interests of both regions,” Lal noted, responding to a media query.
Highlighting this economic growth, Lal mentioned, “Our bilateral trade has reached a significant figure of USD 10 billion, and cross-border investments by companies from both countries continue to grow.”
The FTA negotiations, which began in 2007, have seen multiple interruptions but were revitalized in 2021 after nearly an eight-year hiatus. Talks now focus on reducing tariffs, addressing market access concerns, and facilitating a smooth investment flow between the two economies. Prime Minister Modi extended a warm welcome to Sanchez, celebrating both the festival of Diwali and the renewed energy in India-Spain relations. “Gujarat is known as the land of festivals and celebrations,” Modi remarked. “Diwali, symbolising light and new beginnings, aptly reflects the positive momentum in our partnership.”
Following their bilateral discussions, the two leaders oversaw the signing of a Memorandum of Understanding (MoU) on railways, covering critical areas like maintenance, safety, and training.
This collaboration aims to foster greater connectivity and bolster infrastructure, an essential element of the growing economic partnership between India and Spain.
Earlier in the day, Modi and Sanchez jointly inaugurated the Tata-Airbus C-295 aircraft assembly facility, India’s first private-sector military aircraft assembly line. Located in Vadodara, this facility is expected to play a vital role in India’s defence modernization efforts, underscoring the depth of India-EU defence cooperation.
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