Piyush Goyal Announced India-EFTA Free Trade Agreement to Come into Effect from 1st October.

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 come into effect from 1st October 2025. Speaking at the valedictory session of the UP International Trade Show in Greater Noida, he highlighted India’s growing global economic standing, ongoing international trade discussions, and the government’s focus on promoting local enterprises and exports.

      - India has already signed FTAs with the UAE, Australia, and the UK, and the FTA with EFTA strengthens its trade relations with developed nations. Mr Goyal stated that India is also in active discussions with the US, EU, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have expressed interest. The Terms of Reference with Eurasia have also been finalized, reflecting India’s strong global economic position.

      - Under the leadership of Prime Minister Narendra Modi, India has progressed from a fragile economy in 2014 to become the world’s 4th largest economy.

      - Mr Goyal projected that India is on track to become the 3rd largest economy, reaching a 5 trillion USD size in the next two years. India’s foreign exchange reserves have recently reached 700 billion USD, indicating strong economic stability.

Main Point :-   (i) Mr Piyush Goyal highlighted the GST reforms, describing them as the biggest reform since Independence. He emphasized that these reforms will have a lasting impact, benefiting businesses and consumers by improving tax compliance and reducing cascading taxes across sectors.

      (ii) The UP International Trade Show provided a platform for Micro, Small and Medium Enterprises (MSMEs), women entrepreneurs, and export-oriented units to showcase their products. The event emphasized Swadeshi products and promoted the government’s vision of ‘Vocal for Local’ and ‘Local Goes Global’, creating opportunities for international market exposure.

(iii) Mr Goyal urged all stakeholders to commit to using Swadeshi products and ensure that the benefits of GST reforms flow directly to consumers. He emphasized active participation from businesses and citizens to further India’s economic growth, promote exports, and strengthen local manufacturing.