India, Spain agree to speed up talks on UPI-Bizum digital payments link
New Delhi, July 20
India and Spain have agreed to advance technical discussions on interoperability between India's Unified Payments Interface and Spain's Bizum digital payments platform, according to a statement issued by the Commerce Ministry.
The issue was taken up during Commerce Minister Piyush Goyal's visit to Spain as part of his four-nation tour to Europe from July 13 to 18.
Goyal held productive discussions with Carlos Cuerpo Caballero, First Vice-President and Minister of Economy, Trade and Business, and Jordi Hereu Boher, Minister of Industry and Tourism.
He proposed an annual India-Spain Joint Commission meeting with business participation, while Spain proposed establishing a dedicated "India Team" to facilitate bilateral engagement.
The two countries have also identified significant opportunities for collaboration in automobiles, pharmaceuticals, chemicals, textiles, renewable energy, tourism and infrastructure. Discussions also covered investment facilitation, mobility of professionals and joint investments in Latin America, leveraging Spain's strategic position as India's gateway to Europe and Latin America.
The minister welcomed the flagship C-295 aircraft programme under the 'Make in India' initiative and the progress made on the Migration and Mobility Partnership and Social Security Agreement.
Addressing the India-Spain Business Forum, Goyal called upon businesses to forge early partnerships to maximise opportunities arising from the India-EU FTA and outlined an ambitious "10×10×10" vision to increase bilateral trade, investment and tourism tenfold over the next decade.
In Brussels, Goyal co-chaired the 3rd India-EU Trade and Technology Council (TTC) Ministerial Meeting.
He welcomed the adoption of the 2026-27 TTC Action Plan and the listing of 21 additional Indian fishery establishments, taking the total number of approved Indian establishments to 625.
India also raised the issue of listing Indian ship recycling yards and proposed launching an India-EU dialogue on skills, education and talent mobility.
Both sides reaffirmed their commitment to work towards the early signing and implementation of the India-EU FTA.
The discussions also covered negotiations on the Investment Protection Agreement and the Geographical Indications Agreement, cooperation on the Carbon Border Adjustment Mechanism (CBAM), regulatory simplification, market access for agricultural products, duty derogation for Basmati rice, steel scrap etc.
In Finland, Goyal met Riikka Purra, Acting Prime Minister and Minister of Finance, and Sakari Puisto, Minister of Economic Affairs. The discussions focused on expanding cooperation in artificial intelligence, 6G, quantum technologies, clean energy, the circular economy, advanced manufacturing and innovation.
— IANS
Reader Comments
As someone who travels between India and Spain for work, this is fantastic news. UPI is incredibly convenient in India and Bizum is widely used in Spain. Interoperability would save so much hassle with currency exchange and international transfer fees. Hope they fast-track the technical integration!
This is great but I hope the government also focuses on strengthening UPI infrastructure within India first. Many rural areas still lack reliable internet for digital payments. That said, international partnerships like this boost India's tech brand value globally. Well played! 👏
The C-295 aircraft programme under 'Make in India' is a huge achievement! 🇮🇳 This shows that Spain trusts Indian manufacturing capabilities. Also, the India-EU FTA talks progressing is very promising. Our economy is on the right track—both for digital payments and defense manufacturing!
Good to see India expanding its digital payment footprint in Europe! However, I hope the interoperability discussions also address data privacy and security standards. We need robust safeguards before linking systems with other countries. On the positive side, the tourism and pharma collaborations mentioned are gold mines waiting to be tapped! 💼
The 'India Team' proposed by Spain is a smart idea—it shows they recognize India's strategic importance. Also, joint investments in Latin America is something I didn't expect! India leveraging Spain's Latin American connections could open massive markets for our products. Very strategic thinking by our trade negotiators. 😊
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