India concludes first round of Maldives FTA talks, Goyal begins Spain visit to deepen economic partnership

India accelerated its trade diplomacy on Tuesday, making progress on a proposed free trade agreement (FTA) with the Maldives while simultaneously deepening economic engagement with Spain as New Delhi continues to expand its network of strategic trade partnerships.

The first round of negotiations for the India-Maldives FTA concluded successfully after virtual discussions held between June 29 and July 7, with both sides reporting substantive progress across eight technical negotiating sessions. Officials said the talks covered eight policy areas and resulted in broad convergence on several issues, laying the groundwork for a comprehensive trade pact.

The Indian delegation was led by Ujjwal Kumar Ghosh, Joint Secretary in the Department of Commerce, while the Maldivian team was headed by Chief Negotiator Yusuf Riza.

The negotiations gathered further momentum after Commerce and Industry Minister Piyush Goyal met Maldives' Minister of Economic Development, Transport and Trade Mohamed Saeed on July 8. The two ministers reviewed progress on the FTA and reaffirmed their commitment to fast-track both the proposed bilateral investment treaty (BIT) and the trade agreement as the two countries mark 60 years of diplomatic relations this year.

India is the Maldives' second-largest trading partner. Bilateral trade rose 13.5% to $771.76 million in 2025-26 from $679.70 million in the previous fiscal. Officials expect the proposed FTA to improve market access, encourage investment and strengthen economic cooperation between the two countries.

At the same time, Goyal began the Spain leg of his official visit with a series of high-level meetings aimed at expanding bilateral trade, investment and industrial collaboration. During talks with Spain's First Vice-President and Minister of Economy, Trade and Business Carlos Cuerpo Caballero, the two sides discussed improving market access, strengthening resilient supply chains and boosting cooperation in renewable energy, green hydrogen, advanced manufacturing, digital technologies and infrastructure.

The discussions also touched upon the proposed India-European Union FTA, with both sides exploring ways to enhance commercial engagement and facilitate fresh investments through the India-Spain Fast Track Mechanism.

Goyal also met Spain's Industry and Tourism Minister Jordi Hereu Boher to discuss collaboration in clean energy, automotive, railways, mobility, tourism and smart infrastructure. The ministers highlighted the C-295 aircraft programme as a successful example of industrial cooperation under the Make in India initiative.

Addressing the India-Spain Business Forum, Goyal invited Spanish companies to expand investments in India, highlighting the country's strong economic growth, ongoing reforms and opportunities across manufacturing, infrastructure, digital economy and innovation. The visit coincides with the 70th anniversary of diplomatic ties between India and Spain and the India-Spain Dual Year of Culture, Tourism and Artificial Intelligence 2026.