Jaishankar talks defence, trade with Spain minister

NEW DELHI:  Spain’s foreign minister Jose Manuel Albares, who was on a day’s visit to India on Wednesday, met External Affairs Minister Jaishankar and welcomed the signing of a defence contract between the two nations. As a part of the contract, Airbus Spain will supply 56 C295 aircraft, 40 of which would be Made in India, and agreed to further deepen defence and security cooperation.

India welcomed Spain’s interest in participating in its national defence manufacturing programme through Make in India and Atmanirbhar Bharat. The two countries reiterated their commitment to closely working towards countering common challenges related to terrorism, violent extremism and cyber crime.

Talks between the two ministers focused on enhancing cooperation in the key priority areas of trade and investments, people-to-people relationship, climate cooperation, green energy, science & technology, innovation and defence and security.  “During the meeting, the ministers signed the Joint Declaration of Intent on Cooperation in Cultural and Academic fields,” said the MEA.

Spain is India’s seventh largest trade partner in European Union and bilateral trade in 2020-21 stood at $4.7 billion with exports from India to Spain at $3.2 billion and imports at $1.5 billion. Spain is the 15th largest investor in India with cumulative FDI stock of $1.43 billion (January 2000 to September 2019).

There are nearly 250 Spanish companies in India, mainly in the food, beverages, chemicals, rubber products, plastic products, electrical material, electrical equipment, machinery and equipment, and motor vehicles space.

The two foreign ministers welcomed the growing bilateral trade and investment linkages and agreed to expand them in new areas of common interest. They that the bilateral trade has resurged beyond pre-Covid levels and there is significant potential to grow even further.

Opportunities to grow are in sectors like IT, pharma and renewable energy and there are new and unexplored emerging areas like green hydrogen and electric mobility.