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 731.9million 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 Maria Ridao.
Spain main exports to India are machinery and mechanical appliances, organic chemical products and fuels and mineral oils. As for 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 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 Sánchez, hopefully before the end of the year,’’ Ambassador Ridao added.