Spain and India PMs meet to boost economic, security ties

The two leaders will look to stem a decline in trade between the once robust economic partners

The two leaders will look to stem a decline in trade between the once robust economic partners

U.S. President Donald Trump refused to endorse the global climate change accord at a summit of the G7 group of wealthy nations on Saturday, saying he needed more time to decide. Through Chancellor Merkel, we will be able to work with the European Union.

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.

On Tuesday, shortly after Merkel's meeting with Modi, Trump used his Twitter to warn Berlin: "We have a MASSIVE trade deficit with Germany, plus they pay FAR LESS than they should on North Atlantic Treaty Organisation and military". Modi's body language clearly seemed to suggest he was ready to do everything to build this partnership.

PM Modi after holding talks with Merkel added: 'The pace of development of our relations is fast, direction is positive and destination clear.

India and Germany on Tuesday underlined the potential of open markets and the importance of investment protection for foreign investors for deepening trade ties and attracting investments to the mutual benefit.

The two countries signed a memorandum of understanding (MoU) on cooperation in cyber security.

The prime minister will be in Paris on 2 and 3 June where he will hold official talks with newly elected French President Emmanuel Macron with a view to further strengthening India-France strategic ties. He said that fast track mechanism in the area of trade and industry ironed out issues, which German companies had faced in India. It is called MIIM (Make in India Mittelstand).

A joint statement issued after the meeting said Modi and Merkel underlined their common concerns about the threat and global reach of terrorism and extremism.

However, the chairman of a German business association said during an interaction with Modi and Merkel that the lack of a bilateral investment protection agreement was hindering fresh investments.

This is Modi's second bilateral visit to Germany since 2015.

At the business summit, the PM's focus was on highlighting India's liberalised FDI regime and growing ease of doing business.

It is apparent that India is selectively willing to look at FTAs which could be beneficial.

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