India, Spain Should Target More Than Sevenfold Trade Expansion Over Next Decade: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has said that India and Spain should set a much higher target for expanding bilateral trade, arguing that a sevenfold increase over the next decade should not be considered the limit of their economic ambitions. Speaking at the India-Spain Business Forum in Spain, Goyal welcomed a proposal from Spain’s Minister of Economy, Trade and Business Carlos Cuerpo to develop a joint roadmap aimed at strengthening future economic cooperation between the two countries.

Goyal said both nations should work together on a long-term strategy to fully utilise their economic potential and create new opportunities for businesses, investors and industries. Responding to a suggestion of doubling India-Spain bilateral trade every three years, Goyal described the idea as positive but said the target was not ambitious enough. He noted that achieving consecutive trade doublings over three three-year periods would result in around seven times growth in a decade, but added that policymakers should aim for significantly more.

The minister said India and Spain have considerable untapped opportunities in trade and investment, and the current level of economic engagement does not match the scale of their economies. Highlighting the relationship between the two nations, Goyal described India and Spain as two dynamic democracies with historical connections and a shared belief in a rules-based global trading system.

He said both countries have strong economic prospects, pointing out that Spain has continued to perform well despite broader challenges facing the European Union, while India remains the fastest-growing major economy in the world. Goyal noted that the combined economic strength of India and Spain presents enormous possibilities for deeper cooperation. He said Spain has an economy of around USD 2 trillion, while India’s economy is around USD 4 trillion, yet bilateral trade between the two countries remains below USD 10 billion and services trade is only around USD 4 billion.

Goyal held discussions with Carlos Cuerpo on expanding collaboration in areas including trade, investment and technology. The talks focused on sectors such as renewable energy, green hydrogen, advanced manufacturing, digital technologies, infrastructure development and innovation. The minister said stronger cooperation between India and Spain could help both countries unlock new growth opportunities and build a more resilient economic partnership in the years ahead.