The freshly inked India-EU Free Trade Agreement delivers a major lift to labor-intensive powerhouses like textiles, leather, and gems, abolishing duties for exports to Europe’s 27 member states. Unveiled Tuesday, this pact signals robust growth prospects amid global trade headwinds.
Piyush Goyal, Union Commerce Minister, shared on X how the deal catalyzes export surges in these sectors. Zero tariffs on textiles grant Indian firms a foothold in the $263 billion EU market, boosting weaver livelihoods and competitive edge.
From leather and footwear—previously burdened by 17% duties—to the glittering gems and jewelry trade eyeing $79 billion in premiums, opportunities abound. Add preferential industrial market access worth $2 trillion, and the benefits cascade across industries.
PM Narendra Modi celebrated the accord as a prosperity roadmap, easing paths for farmers, small businesses, and manufacturers while amplifying services partnerships. This isn’t just trade; it’s a catalyst for inclusive development.
As exporters recalibrate strategies, the FTA promises job creation, innovation, and sustained economic vitality. India’s labor sectors, long awaiting such breakthroughs, now stand empowered on the world stage.