India, Spain push to fast-track UPI-Bizum payment integration, expand economic ties

New Delhi: India and Spain have agreed to accelerate technical discussions on linking India's Unified Payments Interface (UPI) with Spain's Bizum digital payments platform, marking a significant step towards enhancing cross-border digital transactions, the Commerce Ministry said.

The proposal was discussed during Commerce Minister Piyush Goyal's visit to Spain as part of his four-nation Europe tour from July 13 to 18.

During his visit, Goyal held talks with Spain's First Vice-President and Minister of Economy, Trade and Business, Carlos Cuerpo Caballero, and Minister of Industry and Tourism, Jordi Hereu Boher. He proposed holding an annual India-Spain Joint Commission meeting with participation from the business community, while Spain suggested setting up a dedicated "India Team" to strengthen bilateral cooperation.

The two sides identified strong potential for collaboration across sectors such as automobiles, pharmaceuticals, chemicals, textiles, renewable energy, tourism and infrastructure. They also discussed investment facilitation, the mobility of skilled professionals and joint investment opportunities in Latin America, with Spain highlighting its role as a strategic gateway for India to Europe and Latin America.

Goyal welcomed the progress of the C-295 aircraft manufacturing programme under the 'Make in India' initiative, along with advances in the Migration and Mobility Partnership and the proposed Social Security Agreement.

Speaking at the India-Spain Business Forum, the minister urged companies from both countries to build early partnerships and take advantage of opportunities expected from the proposed India-European Union Free Trade Agreement (FTA). He also unveiled a "10x10x10" vision aimed at increasing bilateral trade, investment and tourism tenfold over the next decade.

In Brussels, Goyal co-chaired the third India-EU Trade and Technology Council (TTC) Ministerial Meeting, where both sides adopted the 2026-27 TTC Action Plan. The European Union also approved 21 additional Indian fishery establishments, taking the total number of authorised Indian facilities to 625.

India raised the issue of securing approval for more Indian ship recycling yards and proposed launching a dedicated India-EU dialogue on skills, education and talent mobility.

Both India and the EU reaffirmed their commitment to conclude and implement the India-EU Free Trade Agreement at the earliest. Discussions also covered the proposed Investment Protection Agreement, the Geographical Indications Agreement, cooperation on the Carbon Border Adjustment Mechanism (CBAM), regulatory simplification, improved market access for agricultural products, duty concessions for Basmati rice and issues related to steel scrap.

During the Finland leg of his visit, Goyal met Acting Prime Minister and Finance Minister Riikka Purra and Economic Affairs Minister Sakari Puisto. Their discussions focused on expanding cooperation in emerging sectors, including artificial intelligence, 6G, quantum technologies, clean energy, the circular economy, advanced manufacturing and innovation.

With inputs from IANS