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Indian Prime minister visit to Spain

18/6/2017 53 International Affairs | Indo Europe | View Recent Current Affairs

  •  Indian Prime minister Narendra Modi visited Spain in the last week of May 2017.

Main highlights of the visit

  • India and Spain signed seven agreements, including on cyber security and technical cooperation in civil aviation, during Prime Minister Narendra Modi's visit to the European country.
  • The two sides agreements on transfer of sentenced persons and visa waiver for holders of diplomatic passports.
  • Five MoUs were signed between the two countries on cooperation in organ transplantation, cyber security, renewable energy, civil aviation and one between India's Foreign Service Institute and Diplomatic Academy of Spain.
  • Modi, the first Indian prime minister to visit Spain since 1988.
  • Spain is India's seventh largest trading partner in the European Union. Two-way trade totalled USD 5.27 billion in 2016.

Analysis:

  • Relations between India and Spain have been cordial since the establishment of diplomatic relations in 1956. The first resident Ambassador of India was appointed in 1965.
  • Bilateral Trade between India and Spain in 2015 stood at around $ 3 billion; Spain's exports to India during the same period stood at $ 1.0 billion and India´s exports to Spain at $ 2.2 billion. Spain is India´s 7th largest trading partner in the European Union.
  • Indian exports to Spain include organic chemicals, textiles and garments, iron and steel products, automotive components, marine products and leather goods. Indian imports consist largely of machines and mechanical appliances, vehicles and automobiles, plastic manufactures, electrical appliances, rubber and rubber products and olives/olive oil.
  • The India-Spain Joint Economic Commission (JEC) was set up under the 1972 Trade and Economic Cooperation Agreement, and has met ten times since then.
  • Cultural exchange is an important component of India-Spain bilateral relations. ICCR sponsors visits of cultural troupes for performances in various parts of Spain and offers five scholarships to Spanish students every year to study in India. Mission brings out a quarterly publication titled ‘Hola Namaste’ carrying articles on contemporary events in India.
  • The Indian community forms a very small percentage of the immigrant population of Spain. Among the Asian communities, the Indian Diaspora is the third largest group, after Chinese and Pakistanis. The earliest Indian settlers were Sindhis who came from the subcontinent at the end of the 19th century and settled in the Canary Islands

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