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India-EU FTA set to devastate Bangladesh’s textile industry – here’s why
India-EU trade deal could wipe out Bangladesh’s textile dominance – find out how
With zero duties on Indian exports, the landmark trade deal promises a surge in textile exports from India to the European Union and creating jobs back home while changing regional competition.
New Delhi: India's textile industry is poised for a transformation after sealing the Free Trade Agreement (FTA) with the European Union. The pact has been hailed as the “mother of all deals”. The deal promises massive opportunities for Indian exports while putting neighbouring Bangladesh, long reliant on duty-free access to the European market, under serious competitive pressure.
For years, Europe's $263 billion apparel market has been dominated by Bangladesh, China and Vietnam, with India barely scratching the surface due to tariffs that made its products less competitive. That changes now. With duty-free access under the FTA, India is expected to expand its exports to Europe, creating millions of new jobs and challenging Bangladesh's long-held dominance in the sector.
Analysts say this deal could change the global textile market, with India emerging as a powerhouse capable of supplying everything from traditional sarees to high-end fashion.
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The EU's textile market is dominated by China with a 28-30 percent share, followed by Bangladesh, which controls 21-22 percent, largely due to its duty-free access. Turkey and Vietnam also maintain strong positions, leveraging geographical proximity and duty-free privileges.
India, in comparison, has so far captured only 5-6 percent of the market, exporting about $8 billion worth of textiles annually. Taxes on Indian exports, ranging from 9-12 percent, have historically limited competitiveness.
The new trade deal changes the equation entirely. Once implemented, Indian textiles will enjoy zero tariffs, placing India along with Bangladesh and Vietnam in the duty-free list and unlocking the full potential of its manufacturing sector.
Officials expect the agreement to substantially boost exports, generate new employment opportunities and reduce India's dependence on the US market, which has been the largest buyer of Indian textiles but often imposes trade barriers.
India already exports around $36.7 billion worth of textiles internationally, roughly Rs 3.19 lakh crore. Of this, only $7.2 billion has reached the EU so far. The trade deal is expected to multiply this number in the coming years, driving demand for skilled labour and creating thousands of new jobs in the textile sector.
Analysts project that India could double its EU exports within five years, reaching $15 billion, which could directly or indirectly employ around 7 million people. The government aims to increase the workforce in the sector to 10 crore by 2030.
Bangladesh faces a challenge. Its textile industry has thrived on EU duty-free access, but the rise of India as a diversified and politically stable textile exporter with abundant raw materials could disrupt Dhaka's market share. While Bangladesh focusses on basic garments like T-shirts, trousers and jeans, India produces a wide variety, from traditional sarees to designer apparel. India's stable supply of raw cotton and political stability gives it a decisive edge, leaving Bangladesh to navigate a future of heightened competition.
The India-EU trade deal marks not only a milestone in economic diplomacy but a potential turning point for the regional textile market. With exports poised to surge, Indian manufacturers stand ready to meet Europe's growing demand, while neighbouring countries must rethink strategies to maintain their foothold in one of the world's most lucrative textile markets.
Source: ZeeNews
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