Trade Agreement Between India And Spain

The Royal Elcano Institute focuses on both specific themes and geographical areas. The Asia-Pacific region is one of these countries and in recent years the Institute has developed various analyses and working papers on bilateral relations between India and Spain2. Bilateral trade in 2018 (Jan – Dez) (MINECO, Spanish government) was $6.31 billion, an increase of 8.68% compared to a similar period a year earlier. India`s exports increased by 8.49% to $4.74 billion, while imports increased by 8.49 per cent and $1.571.39 billion. India`s first exports to Spain were organic chemicals, textiles and clothing products (un knitted), iron and steel, mineral fuels and oils, aluminum, which were leather and leather manufactured goods, marine products, clothing (knitted), vehicles and automobiles, machinery and machinery. Figures in millions of dollars Source: Department of Commerce – ICEX Spain is the 15th largest investor in India with a cumulative stock of $1.43 billion (January 2000 September 2019). There are nearly 250 Spanish companies in India, mainly in the food industry, beverage manufacturing, chemical industry, rubber and plastics manufacturing, electrical materials and equipment manufacturing, machinery and equipment manufacturing, motor vehicle manufacturing, construction, Maharashtra, Tamil Nadu, Gujarat, Andhra Pradesh and Karnataka are the main objectives for Spanish investments in India. Indian investment in Spain amounted to about $116.22 million. India Spain Bilateral cooperation in the field of sport has been strengthened by the interaction between the sports industries of the two countries and the participation of leading players and teams at events in India and vice versa, especially in football, badminton, hockey and kabaddi. It is possible to have a specific agreement for cooperation in the field of sport.

Given the immense potential for strengthening cooperation in the field of tourism, it was agreed to create a group of experts on tourism during PM`s visit. The first india and Spain expert group on tourism was held on 21 May 2018 in Madrid under the leadership of Shri Suman Billa (JS, M/Tourism), on the Indian side, and Mr Manuel Butler (DG Turespaa) on the Spanish side. This discussion paper is a joint project of the Spanish Royal Elcano Institute and the Indian Research Foundation to observe as part of the commemoration of 60 years of diplomatic relations between the two countries and the recent official visit of Prime Minister Modi to Madrid. Spain has nearly 40 Indian companies, mainly in the fields of software and IT services, pharmacy, chemistry and logistics. India is among the top 30 investors in Spain in the world and in the top 5 in Asia. In order to give impetus to trade and investment relations, a Joint Committee for Economic Cooperation (JCEC) was established as part of the 1972 Trade and Economic Cooperation Agreement, which has met ten times since then.