India-Spain Joint Commission for Economic Cooperation
The 12th session of the India-Spain Joint Commission for Economic Cooperation was held in New Delhi. The meeting was co-chaired by the Union Minister of Commerce and Industry, Piyush Goyal, and the Minister of Industry, Trade and Tourism of Spain, Reyes Maroto. The meeting aimed to enhance bilateral economic cooperation and strengthen trade and investment ties between the two countries.
During the meeting, both sides discussed various issues related to trade, investment, finance, energy, tourism, and other areas of mutual interest. The two sides also reviewed the progress made in the implementation of the decisions taken in the previous Joint Commission meetings. They also discussed ways to further deepen economic and commercial relations between the two countries.
Spain is the 12th largest trading partner of India in the European Union. The bilateral trade between India and Spain was around $6.2 billion in 2020-21. The major items of India’s exports to Spain include petroleum products, chemical and pharmaceutical products, and textile and textile articles. On the other hand, Spain’s exports to India include automotive parts, machinery and equipment, and chemicals.
Why this News is Important:
Enhancing economic cooperation between India and Spain is of great importance as both countries have huge potential to expand their bilateral trade and investment ties. This news is particularly important for students preparing for government exams, especially those for civil services positions such as IAS, PSCS, and other related exams. Knowledge of India’s bilateral relations with other countries is an essential part of the general awareness section of these exams. Therefore, keeping abreast of such developments is crucial for aspirants.
Historical Context:
India and Spain have enjoyed cordial and friendly relations since the establishment of diplomatic relations in 1956. In recent years, both countries have intensified their efforts to deepen their economic cooperation. In 2007, the India-Spain Joint Economic Committee was set up to strengthen economic and commercial relations between the two countries. Since then, the committee has held several meetings to discuss various issues of mutual interest.
Key Takeaways from “India-Spain Joint Commission for Economic Cooperation”:
| S. No. | Key Takeaway |
|---|---|
| 1. | The 12th session of the India-Spain Joint Commission for Economic Cooperation was held in New Delhi to enhance bilateral economic cooperation and strengthen trade and investment ties between the two countries. |
| 2. | The meeting was co-chaired by the Union Minister of Commerce and Industry, Piyush Goyal, and the Minister of Industry, Trade and Tourism of Spain, Reyes Maroto. |
| 3. | Spain is the 12th largest trading partner of India in the European Union, with bilateral trade between the two countries standing at around $6.2 billion in 2020-21. |
| 4. | India’s major exports to Spain include petroleum products, chemical and pharmaceutical products, and textile and textile articles, while Spain’s exports to India include automotive parts, machinery and equipment, and chemicals. |
| 5. | The India-Spain Joint Economic Committee was set up in 2007 to strengthen economic and commercial relations between the two countries. |
Conclusion
In conclusion, the 12th session of the India-Spain Joint Commission for Economic Cooperation was an important meeting that aimed to enhance bilateral economic cooperation and strengthen trade and investment ties between the two countries. This news is of great relevance to students preparing for government exams, especially those for civil services positions such as IAS, PSCS, and other related exams. By keeping abreast of such developments, aspirants can improve their general awareness and
Important FAQs for Students from this News
Q.1 What is the India-Spain Joint Commission for Economic Cooperation?
A. The India-Spain Joint Commission for Economic Cooperation is a bilateral forum between India and Spain that focuses on enhancing economic cooperation between the two countries.
Q.2 When was the 12th Session of the India-Spain Joint Commission for Economic Cooperation held?
A. The 12th Session of the India-Spain Joint Commission for Economic Cooperation was held on 7th May 2023.
Q.3 Who co-chaired the 12th Session of the India-Spain Joint Commission for Economic Cooperation?
A. From the Indian side, the 12th Session of the India-Spain Joint Commission for Economic Cooperation was co-chaired by the Union Minister for Commerce and Industry and the Spanish Minister for Industry, Trade and Tourism from the Spanish side.
Q.4 What was the objective of the 12th Session of the India-Spain Joint Commission for Economic Cooperation?
A. The objective of the 12th Session of the India-Spain Joint Commission for Economic Cooperation was to discuss and enhance bilateral economic cooperation between the two countries.
Q.5 What were the sectors that were discussed in the 12th Session of the India-Spain Joint Commission for Economic Cooperation?
A. The sectors that were discussed in the 12th Session of the India-Spain Joint Commission for Economic Cooperation included trade, investment, tourism, renewable energy, water management, and agriculture.
Some Important Current Affairs Links
