'Textile sector to generate 6-7 million new jobs as India-EU FTA unlocks massive opportunities,' says Piyush Goyal

Commerce Minister Piyush Goyal

• India-EU FTA to create 6-7 million textile jobs and boost market access
• Agreement covers 99% of India's exports to EU, marking a landmark partnership
• India and EU signed a security and defense partnership to boost cooperation.

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Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is looking at the creation of 6-7 million new jobs in the textile sector as the recently concluded India-European Union Free Trade Agreement (FTA) opens up unprecedented market access and investment opportunities.

He also highlighted India’s long-term economic vision, stating that the country is firmly on track to become a $30 trillion economy by 2047.

Speaking at a media briefing along with Foreign Secretary Vikram Misri in Delhi, Goyal said that the India-EU FTA represents far more than a conventional trade pact.

“We are looking at 6-7 million jobs being created in the textile sector now,” he said, linking the employment potential to greater access for Indian products in European markets and the strengthening of labour-intensive industries.

Describing the agreement as a landmark achievement, Goyal congratulated Prime Minister Narendra Modi and European leaders for what he called “visionary leadership” in shaping the partnership.

“Congratulations to PM Modi, Ursula von der Leyen, the President of the European Commission, and Antonio Costa, the President of the European Council. They have provided visionary leadership which has further been strengthened with colleagues from almost all parts of government in both the European Union and India,” he said.

He added that the pact reflects deep strategic intent and shared prosperity between the two sides.

“This visit is extraordinary. It goes far beyond a Free Trade Agreement. It goes far beyond the humongous potential that is being unlocked with the Free Trade Agreement. It is truly a statement of deep partnership and the strategic intent of the European Union and India coming together in a multitude of areas to strengthen our partnership, to work together for the shared prosperity and a better future for one third of humanity," he said.

According to Goyal, the scope of the agreement is unprecedented. “This agreement covers almost 99% of the total exports that are sent from India to the European Union and about 97% plus of the total exports from the European Union to India. Something which is unprecedented and reflects the strength and the depth of this agreement,” he said, adding that transitional periods and safeguards address differences in per capita income and levels of development.

He also recalled the long and difficult journey of negotiations. “This breakthrough in the EU-India trade relations comes after 20 years. The discussions were launched in 2006… Sadly, in 2013, efforts were aborted, and almost nobody ever imagined the European Union and India being able to come up with such a robust partnership framework as has been finalised by our leaders today,” Goyal said.

European Commission President Ursula von der Leyen termed the pact the “mother of all deals,” calling it a milestone in a turbulent global environment. “India has risen, and Europe is truly glad, because when India succeeds, the world becomes more stable, prosperous, and secure, and we all benefit,” she said.

Leyen said the India-EU pact marks a historic step to boost jobs, resilience and security as India’s global rise strengthens world stability.

She also highlighted the symbolic importance of her visit to India. “Thank you very much for the exceptional hospitality we experienced. It was such an honour for us to be your chief guests at the Republic Day yesterday. This is a memory I will carry for a lifetime because the sense of communion was so powerful.”

Alongside the trade agreement, India and the EU signed a security and defence partnership, reinforcing cooperation between two democratic blocs. Prime Minister Narendra Modi described the agreements as historic, saying they mark a decisive new chapter in bilateral ties, anchored in trust, shared values, and a joint commitment to peace and stability.

European Council President António Luís Santos da Costa said, “We conclude today our trade negotiations… Our summit sends a clear message to the world. At a time when the global order is being fundamentally reshaped, the European Union and India stand together as strategic and reliable partners.”

Together, leaders on both sides stressed that the deal will boost businesses, cut tariffs, strengthen supply chains, and deepen cooperation across innovation, technology, defence, and manufacturing—laying the foundation for a powerful economic and strategic partnership for the 21st century.