Spain and China sign three agreements to strengthen economic cooperation and open new trade opportunities

Economic representatives from Spain and China during the signing of the agreements

The Ministry of Economy, Trade and Business, through the State Secretariat for Trade, signed three MoUs with the economic authorities of the People's Republic of China to strengthen bilateral economic cooperation, promote sustainable investments, and facilitate greater access for Spanish products and services to the Chinese market.

The agreements reinforce the shared commitment to move towards a more balanced, open, and rules-based economic relationship, strengthening capacity building and generating new opportunities for companies in both countries. All of this contributes to ensuring a safe and predictable environment for the development of economic activity.

These agreements were signed during the official visit of the President of the Government of Spain to China, where a meeting was also held with Chinese investors to position Spain as an attractive destination for foreign investment. In addition, a business forum focused on innovation will take place in Beijing, a joint working space where Spanish and Chinese companies will analyse new opportunities for cooperation in key sectors such as advanced industry, energy, technology, and sustainable mobility.

The Memoranda of Understanding enter into force upon signing and establish lines of work that will allow progress on specific projects, improve market access, and generate new opportunities for companies and citizens of both countries.

Strengthening economic cooperation and sustainable investments

The first Memorandum of Understanding, signed between the Ministries of Trade of both countries, creates a framework to strengthen cooperation in industrial and supply chains and to promote sustainable, high-value-added investments, with the aim of generating employment and developing local capacity in both countries.

The cooperation is structured around four main lines:

• Promoting alliances between companies from both countries, from SMEs to large corporations, to develop joint projects.
• Accelerating decarbonisation initiatives by supporting investments and technologies that reduce emissions.
• Promoting training and technology transfer so that companies can improve their capabilities and share useful knowledge.
• Better integrating companies into the production ecosystems of Spain and China, facilitating their participation in value chains and increasing the use of local added value.

Boosting economic development and increase the presence of Spanish products in China

The second Memorandum of Understanding on Exchange and Cooperation in the Area of Economic Development Policy, signed with the National Development and Reform Commission of China, creates a framework for exchanging experiences in strategic planning, macroeconomics, and development policies. This agreement will promote the organisation of seminars, technical activities, and regular consultations to share best practices and explore new areas of institutional cooperation.

The third agreement, also signed with the Chinese Ministry of Commerce, focuses on facilitating the export of high-quality Spanish products and services to the Chinese market, strengthening institutional and business cooperation around the "Sharing the Great Market. Exporting to China" initiative. The aim is to promote more balanced trade and improve the visibility and presence of Spanish products and services in the Asian country.

To this end, the agreement includes the creation of a cooperation mechanism between both governments and their trade promotion agencies, the identification of priority sectors with export potential to China, and the exchange of trade information. It also includes the joint organisation of business missions, promotional activities, and collaboration at trade fairs, exhibition platforms, and other key Chinese business events.

Non official translation