India-Spain must look at a 10x10x10 partnership: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for an ambitious expansion of India-Spain economic ties, urging both countries to target a tenfold increase in bilateral trade, investments and tourism over the next decade. Addressing an event in Madrid, Goyal proposed what he described as a “10x10x10 partnership” between the two countries, saying the scale of ambition should match the strength of their growing relationship. “India and Spain must look at a 10x10x10 partnership. We must look at increasing our bilateral trade 10x in the next 10 years. Can we look at an increase in tourists, both sides, 10x in the next 10 years? Can we also imagine that we will increase our investments between the two countries 10x in the next 10 years?” Goyal said.Acknowledging that the targets may appear ambitious, the minister said transformative partnerships require bold goals.

India-Spain must look at a 10x10x10 partnership... pic.twitter.com/JRt7Mu4xaG

— Piyush Goyal (@PiyushGoyal) July 13, 2026

Highlighting India’s engagement with the European Union, the minister said the proposed India-EU Free Trade Agreement (FTA) would unlock significant opportunities for businesses on both sides. “This is perhaps the only free trade agreement that Europe has finalised without any criticism from any of the member states. The 27 member states are completely aligned in this partnership with India, as are businesses in India — not a murmur of dissent or dissatisfaction back home in India,” he said. Goyal noted that India and the European Union together account for nearly 30 per cent of global trade and economic output, with substantial scope to expand cooperation across trade, investment, technology, education, tourism, culture, space and defence.
Goyal began his official engagements in Spain by meeting First Vice President of the Government of Spain and Minister of Economy, Trade and Business, Carlos Cuerpo Caballero. Goyal said that they had productive discussions on strengthening the India-Spain economic partnership through greater trade, investment and technology collaboration.