Union Minister for Commerce and Industry, Piyush Goyal, announced that the Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) countries—Iceland, Liechtenstein, Norway, and Switzerland—will officially take effect on October 1. Speaking at the valedictory session of the UP International Trade Show in Greater Noida, Goyal emphasized that developed nations are increasingly keen to sign FTAs with India, which has already concluded agreements with the UAE, Australia, and the UK.
Goyal highlighted ongoing discussions with countries including the United States, the European Union, New Zealand, Oman, Peru, and Chile, noting that Qatar and Bahrain have also expressed interest in formal trade ties. He pointed out that the Terms of Reference with the Eurasian region have been finalized, reflecting India’s strengthened global economic standing. India’s foreign exchange reserves have now reached $700 billion, underscoring the country’s financial stability.
The minister credited Prime Minister Narendra Modi’s leadership for India’s economic transformation from a fragile state in 2014 to the world’s fourth-largest economy today. He projected that India is on track to become the third-largest economy within the next two years, achieving a $5 trillion economy. Goyal also underlined the significance of recent Goods and Services Tax (GST) reforms, describing them as the largest structural economic reform since India’s independence, with long-term impacts expected to be felt for decades.
Addressing the UP International Trade Show, Goyal lauded the platform for promoting MSMEs, women entrepreneurs, swadeshi products, and export-oriented units. He described the event as a perfect blend of “vocal for local” and “local goes global,” urging participants and stakeholders to commit to using indigenous products and ensure that the benefits of GST reach consumers directly. The minister stressed that initiatives like these not only enhance India’s global trade footprint but also strengthen domestic entrepreneurship and self-reliance.
