I was finally able to do it without using database. I'm writing down the steps so that it may help anyone else who needs the same thing to be done.
First I downloaded the CSV available at: https://github.com/mledoze/countries/blob/master/countries.csv
I removed all other fields, except those I needed. It left me with 3 fields: name, abbreviation and calling code.
Next, I downloaded the CSVReader from: http://code.google.com/p/secrets-for-android/source/browse/trunk/src/au/com/bytecode/opencsv/CSVReader.java
Got the items from the CSV as mentioned in How to parse the CSV file in android application? by "Kopfgeldjaeger" as:
String next[] = {};
List<String[]> list = new ArrayList<String[]>();
 try {
      CSVReader reader = new CSVReader(new InputStreamReader(getAssets().open("countries.csv")));
            for(;;) {
                next = reader.readNext();
                if(next != null) {
                    list.add(next);
                } else {
                    break;
                }
            }
        } catch (IOException e) {
            e.printStackTrace();
        }
Next I added an ArrayList for each of the values like:
ArrayList<String> countryNames = new ArrayList<String>();
ArrayList<String> countryAbber = new ArrayList<String>();
ArrayList<String> countryCodes = new ArrayList<String>();
for(int i=0; i < list.size(); i++)
{
    countryNames.add(list.get(i)[0]); // gets name
    countryAbber.add(list.get(i)[1]); // gets abbreviation
    countryCodes.add(list.get(i)[2]); // gets calling code
}
Then added it to the spinner in the XML layout as:
ArrayAdapter<String> countryAdapter = new ArrayAdapter<String>(this, android.R.layout.simple_spinner_dropdown_item, countryNames);
        spinner.setAdapter(countryAdapter);
// adding event to display codes when country is selected
spinner.setOnItemSelectedListener(new AdapterView.OnItemSelectedListener() {
            @Override
            public void onItemSelected(AdapterView<?> arg0, View arg1,
                    int pos, long arg3) {
                // display the corresponding country code
                TextView tvCountryCode = (TextView) findViewById(R.id.country_code);
                tvCountryCode.setText("+"+list.get(pos)[2]);
                countryPosition = pos;
            }
            @Override
            public void onNothingSelected(AdapterView<?> arg0) {
                // TODO Auto-generated method stub
            }
        });
This way, I was able to display country code in the xml file, when a country was selected from the dropdown list.
Remember to add the setOnItemSelectedListener() to achive that.
I hope this helps somebody in future.