From textiles to tech: India–EU trade pact supercharges exports

New Delhi: With the India-EU trade deal, the country has secured unprecedented market access for more than 99 per cent of Indian exports by trade value to the EU that also bolsters the ‘Make in India’ initiative, the Commerce Ministry said on Tuesday, adding that along with India’s FTA with the UK and the European Free Trade Association (EFTA), the latest EU deal effectively opens up the entire European market for Indian businesses, exporters, and entrepreneurs.

With this historic deal, which is touted as the biggest in India’s history, Rs 6.41 lakh crore ($75 billion) worth of exports are poised for take-off, with $33 billion of exports in labour-intensive sectors like textiles, leather, marine products, gems and jewellery are set to gain immensely from preferential access under the FTA.

Union Minister for Commerce and Industry Piyush Goyal said the conclusion of the India–EU FTA represents a defining achievement in India’s economic engagement and global outlook.

“This supports India’s approach to secure trusted, mutually beneficial and balanced partnerships. Beyond a conventional trade deal, it represents a comprehensive partnership with strategic dimensions and is one of the most consequential FTAs,” he said.

India, powered by a young and dynamic workforce and one of the fastest-growing major economies, stands poised to leverage this FTA to create jobs, spur innovation, unlock opportunities across sectors, and enhance its competitiveness on the global stage, said the minister.