MoU Between India and Spain to Boost Trade

By admin • June 22nd, 2010

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Trade between India and Spain is set to increase after an announcement was made at the Joint Commission for Economic Cooperation in Madrid, to say a Memorandum of Understanding will soon be agreed.

Minister for Commerce & Industry Shri Anand Sharma, who led the Indian delegation, mentioned that there is large potential for increasing trade and investment from their current levels between the countries. An agreement was made that both Invest India and Invest Spain would work towards securing a MoU.

In addition issues were discussed on the current economic situation and forthcoming issues including; Doha Development agenda; G-20 meeting; EU-India FTA; Renewable Energy; Infrastructure; Agriculture; Science and Technology; Banking; IT and Telecommunications.

Sharma also held discussions with Minister of Industry, Tourism and Trade Mr. Miguel Sebastian and the second Deputy Prime Minister and Minister for Economy & Finance, France, Ms. Elena Salgado, where he stated that there has been vast improvements in how India is perceived worldwide, which has helped India to develop into a leading emerging economy.

“India’s total trade has increased more than tenfold between 1990-91 and 2008-09. By bringing down tariff levels and removing import quotas, India contributes constructively to the strengthening of multilateral trading system. India’s engagement with the world goes beyond trade and investment flows to matters of international security; disaster management and re-construction; global economic management and so on”, Sharma said.

International Government Affairs & Corporate Relations Consultants for Emerging Markets

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