Spanish company Navantia's S80 Submarine is under contention for P75-I-class project

Spain's main exports to India are machinery and mechanical appliances, organic chemical products and fuels and mineral oils

NEW DELHI: Spain is India’s sixth largest trading partner with which it has had a double taxation avoidance agreement (DTA) since 1993. In the light of improving bilateral and trade ties between the two nations, Spain’s President Pedro Sanchez is expected to make an official visit to India during the course of this year.

In recent years, imports into Spain have tripled in number compared to exports. In 2021, Spanish exports were €1,496.53 million and imports from India were €4,200.10 million, a coverage rate of 35.6 per cent.

``In 2021, total exports increased by 37.1 per cent as a sign of recovery after the pandemic. In the first five months of 2022, Spanish exports to India were €731.9 million and imports from India were €2,466.7 million, which represents a coverage rate of 29.67 per cent,’’ said Spanish Ambassador to India, Jose

Spain's main exports to India are machinery and mechanical appliances, organic chemical products and fuels and mineral oils. The products that Spain imports most from India, include organic chemical products, foundry, iron, steel and clothing.

``Spain and India are working very closely to strengthen their bilateral relations. On June 15th our Minister of External Affairs, Jose Manuel Albares met External Affairs Minister, Dr Jaishankar met in Delhi to discuss bilateral and international matters. The next step is to agree on the date of the official visit to India of the President of the Government, Pedro S├ínchez, hopefully before the end of the year,’’ Ambassador Ridao added.

During the meeting of the external affairs ministers, a Joint Declaration of Intent on Cooperation in the Cultural and Academic Fields was signed. This document is expected to improve the coordination between the different bodies in charge of promoting cultural relations. There are over 250 Spanish companies that are present in India.

Meanwhile, India is in the process of getting 16 of the 56 Airbus military aircraft that they ordered from Spain last year -the cost of which is Euro 2.5 billion. These aircraft will replace Indian Air Force’s Avro aircraft.

"This contract is representative of the great potential between our two countries. On the one hand, it shows the importance of Spain´s defence industry and, on the other, it contributes to the “Make in India” policy. In that context, the first 16 aircraft will be produced in Seville and the other 40 will be produced by Tata with Spanish assistance,’’ Ambassador Ridao said.

Spain is also hopeful of India considering buying five AIP submarines for its Navy, which is manufactured by Navantia.

Relations between India and Spain have been cordial since the establishment of diplomatic ties in 1956. The establishment of economic ties between the two are likely to strengthen further in the times ahead.