The Hindu : Front Page : India, Spain sign trade pact

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Thursday, Apr 23, 2009
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India, Spain sign trade pact

Sugandhi Ravindranathan

Focus on technological exchange and expertise

— PHOTO: PTI/ Vijay Verma

IT’S A DEAL: In the presence of President Pratibha Patil and Spanish Prime Minister Jose Luis Rodriguez Zapatero, Indian Ambassador Sujata Mehta exchanges a document with Secretary of State for Rural Affairs Joseph Jose Puseu, in Madrid on Wednesday.

MADRID: India and Spain on Wednesday signed a trade agreement that is expected to boost bilateral ties in six crucial sectors. These are infrastructure development, renewable energy, agriculture, research and development, tourism, and cooperation in Latin America, where Spain has a sphere of influence. The focus is on technological exchange and tapping each other’s areas of expertise.

The agreement was sealed in the presence of President Pratibha Patil and Spanish Prime Minister Jose Luis Rodriguez Zapatero, and the respective government and trade representatives.

Addressing a business meeting, Ms. Patil noted with satisfaction that bilateral trade was growing, crossing $ 4.5 billion.

Spanish enterprises are known for executing large-scale infrastructure projects, she said, and invited them to make use of the opportunities India presents, in particular through small and medium enterprises.

Addressing Indian mediapersons, Ashwani Kumaar, Minister of State for Industrial Policy and Promotion, described the presidential visit as highly successful. Three framework agreements were signed in the fields of renewable energy, agriculture and tourism on Wednesday.

He said Spain’s FDI globally was worth over €100 billion. Of this, India accounts for only €320 million, while India’s investment in Spain was almost twice that.

Nalin Surie, Secretary (West), Ministry of External Affairs, said the exchanges were free, frank and warm. “There is genuine interest in the Indian elections,” he said, adding that the fact that the President is a woman raised her profile considering the importance Spain accords to gender equality.

Terrorism was a leitmotif and Mr. Zapatero was quoted as having told Ms. Patil: “Terrorism is a scourge which the 20th century has left [us], a legacy which has to be destroyed.”

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