Union Commerce and Industry Minister Piyush Goyal has called for India and Spain to set more ambitious trade targets, saying even a seven-fold increase in bilateral trade over the next decade would not fully reflect the economic potential of the two countries.

Addressing the India-Spain Business Forum in Madrid on Monday, Goyal welcomed a proposal to jointly prepare a roadmap for future economic cooperation and said the two countries should significantly expand trade, investment and technology collaboration.

Goyal Calls For Ambitious India-Spain Economic Roadmap

Goyal welcomed the proposal by Spain’s Minister of Economy, Trade and Business, Carlos Cuerpo, to prepare a roadmap aimed at unlocking the full potential of bilateral economic relations.

“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 a proposal to double bilateral trade within the next three years, the Commerce Minister said the target was encouraging but insufficiently ambitious.

“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,” Goyal said.

He said repeatedly doubling trade every three years would result in approximately seven-fold growth over a decade, but argued that India and Spain should aim even higher.

“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 added.

Bilateral Trade Below Potential Of Two Economies

Goyal said the current level of trade and investment between India and Spain did not reflect the size and strength of their economies.

Describing India and Spain as “two vibrant democracies”, he highlighted their civilisational ties and shared commitment to a rules-based global trading system.

“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,” Goyal said.

“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 added.

Goyal said Spain continued to outperform despite signs of slowing economic growth across the European Union, while India remained 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.

India-Spain Trade Below USD 10 Billion, Services At USD 4 Billion

Highlighting the scope for expanding commercial ties, Goyal said the combined size of the Indian and Spanish economies stood at about USD 6 trillion, while bilateral trade remained below USD 10 billion.

“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,” Goyal said.

“At USD 6 trillion, the total bilateral trade is less than USD 10 billion. Our trade in services barely touches USD 4 billion,” he added.

The minister said the figures demonstrated the considerable untapped potential for expanding trade, services and investment between the two countries.

India, Spain Discuss Cooperation In Green Energy And Technology

Earlier in the day, Goyal met Spain’s First Vice President and Minister of Economy, Trade and Business, Carlos Cuerpo, for discussions on strengthening bilateral economic cooperation.

The two sides discussed measures to enhance trade, investment and technology partnerships.

Talks focused on renewable energy, green hydrogen, advanced manufacturing, digital technologies, infrastructure and innovation.

Goyal said deeper cooperation in these sectors could help India and Spain unlock the full potential of their economic partnership and significantly expand bilateral trade and investment over the coming decade.

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