Mumbai: The recently announced free trade agreement (FTA) between India and the European Union (EU) is poised to be a significant game changer for India’s textile and apparel industry. Industry experts indicate that this deal will reshape the sector’s landscape within the next two to three years.
Speaking to news agencies, Premal Udani, Chairman of the Export Promotion Council, stated that the FTA will substantially boost India’s textile and garment exports. He predicted a growth of 30 to 40 percent in this segment within two years following the implementation of the agreement.
Udani explained that the immediate removal of the 11 percent duty on Indian textiles and apparel exports to Europe will enhance the sector’s competitiveness. This will enable India to challenge other key exporters such as Bangladesh more effectively in the European market.
Ramu R, a member of the Apparel Export Promotion Council (AEPC), highlighted the broader economic benefits, including large-scale employment generation. He emphasized that export hubs like Tirupur could achieve ambitious export targets of up to ₹1 lakh crore with the support of this trade deal.
Prime Minister Narendra Modi officially announced the India-EU FTA on Tuesday, describing it not merely as a trade agreement but as a blueprint for shared prosperity. The FTA encompasses all 27 EU member states and has been termed India’s largest free trade deal in history.
According to Prime Minister Modi, this agreement will facilitate easier access to European markets for Indian farmers and small industries, create new opportunities in manufacturing, and strengthen cooperation in the services sector. Additionally, the FTA is expected to boost investments between India and the EU, encourage innovation partnerships, and reinforce global supply chains.
This historic agreement goes beyond trade, aiming to foster mutual growth and prosperity between India and the European Union.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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