India's FTA Milestone: EFTA Agreement Enters into Force

India's Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) is set to become effective on October 1, following its finalization in March 2024. Announcing the development, Union Minister of Commerce and Industry Piyush Goyal stated that the deal, involving Switzerland, Liechtenstein, Norway, and Iceland, expands India's roster of international trade pacts.

The Union Minister emphasized that India is currently negotiating trade agreements with 27 nations, including influential economies like the United States, European Union, and Peru. The framework for a potential deal with Eurasian countries has already been established, Goyal noted, highlighting the growing global interest in partnering with India. Past agreements have been successfully inked with the UAE, Australia, and the UK.

Reflecting on India's economic trajectory, Goyal pointed out that the nation is on track to become the world's third-largest economy within two years. Citing a GDP growth of 7.8% and historic low inflation, he attributed the progress to a decade of transparency and reforms under Prime Minister Modi's leadership. Goyal also praised Uttar Pradesh's rapid growth and recent tax reforms aiming to make essential goods more affordable.

(With inputs from agencies.)