India–EU FTA expected to generate 7 million jobs in textile sector alone: Piyush Goyal
The deal will also help India expand its exports to the EU's 250 billion dollar textile market, where Bangladesh is the current leader with 30 billion dollars of exports, Commerce Minister Piyush Goyal said
The India-EU free trade agreement (FTA) is estimated to generate nearly 7 million jobs in the textile sector alone, Commerce Minister Piyush Goyal said on Tuesday.
The deal will also help India expand its exports to the EU's 250 billion dollar textile market, where Bangladesh is the current leader with 30 billion dollars of exports, he added.
India currently accounts for just 7 billion dollars in the EU's textile imports segment, with Goyal flagging the deal's potential to raise this to 40 billion dollars in the coming years.
In India, the textile sector is the second-largest source of employment after agriculture, providing jobs to around 40 million people.
The minister said, "India exports 7-billion-dollar worth of textiles and garments to the EU every year, and duty rates are up to 12 % on the goods we export. Bangladesh has a 30-billion-dollar export but has an advantage on account of being the least developed country with zero duty access. After the FTA with the EU, Indian exports will grow from 7 billion USD to 40 billion USD. And considering this boost, we are looking at close to 7 million jobs in textiles alone."
