India-Spain Trade to Surge 20% Yearly till 2023; Good Scope in Renewable Energy

The bilateral trade between both the countries is around $6 billion presently.

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A spate of visits shared by Spain and India has led to an increasing number of bilateral trade ties among the countries.

Spanish Ambassador to India, Jose R Baranano said he expected his country's bilateral trade with India would increase on an average of 20 per cent every year over the next five years.

Further, the ambassador stressed upon the issues acting as pull backs in the trade policies.

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The bilateral trade between both the countries is around $6 billion presently; he said adding language and distance have been two of the biggest hindrances in regard to the growth of trade ties.

Baranano said, “There is lot of potential in tourism, education, renewable energy and agriculture sector. The economic condition across the globe is a bit messy but we hope that over the next five years the trade ties between the two countries would increase on an average of 20 per cent every year. The world market is swiftly shifting from Europe to India, China and other Asian countries."

Source: PTI