Former Spanish official urges companies not to overlook India

Companies that overlook India risk missing a substantial part of the 21st century, Manuel Muñiz, rector of IE University in Madrid and a former Spanish foreign ministry official, has said. In an interview with The Hindu, Muñiz said the anticipated India-European Union free trade agreement could double trade between the two sides. He said about half of the projected increase would come from services.

Muñiz described the agreement as strategic and said its expected impact on technology could be significant because India and the EU bring complementary strengths to technology and innovation supply chains. He said India had strong human capital in technology, with many science, technology, engineering and mathematics graduates, and a growing start-up ecosystem. Clearer access to European markets could give Indian companies and entrepreneurs greater scope to expand, he said.

Muñiz also pointed to advantages that the EU could offer India, including a large consumer market, research capacity, regulatory expertise and a public sector that consumes technology and innovation. He said the trade agreement was expected to be signed in December and implemented in early 2027 after approval by the European Parliament. The supplied material does not give a final date for either step.

Muñiz framed the relationship in long-term economic terms, saying projections identified the United States, China, India and the European Union as the four largest economies by a wide margin over the next 50 years. He said the agreement could therefore have importance beyond immediate trade flows.