India-EU FTA: Boost for Textile, Chemical, Marine Sectors; Exporters Hit by US Tariffs to Benefit

• The India-EU Free Trade Agreement (FTA) is expected to significantly benefit India's textiles, leather, footwear, gems and jewelry, chemicals, and marine sectors.
• The Chamber of Trade and Industry (CTI) stated that the FTA will provide a crucial boost to Indian exporters previously affected by US President Donald Trump's tariffs.
• Under the FTA, over 90% of goods will see tariffs reduced or eliminated, granting India broader access to the EU market and Europe broader access to the Indian market.
• CTI Chairman Brijesh Goyal highlighted that the FTA could increase India-EU trade to $50 billion and allow Indian companies to establish a presence in Europe.
• The agreement is seen as a response to the negative impact of US tariffs, which made Indian goods up to 35% more expensive in the US, threatening 1 million jobs.

Why It Matters: The India-EU FTA is set to revitalize key Indian export sectors and mitigate the impact of past US tariffs.