India’s FTA with EFTA to Take Effect in Oct 2025, Goyal Highlights Growth

Union Minister of Commerce and Industry Shri Piyush Goyal has announced that the Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA)—comprising Iceland, Liechtenstein, Norway, and Switzerland—will officially come into force on 1 October 2025. The Minister made the announcement while delivering the valedictory address at the Uttar Pradesh International Trade Show, where he also highlighted India’s rising global stature and ongoing structural reforms.

India’s Expanding Network of Trade Agreements

The EFTA deal, finalised in March 2024, is part of India’s broader strategy to deepen global trade ties. Shri Goyal noted that developed nations are increasingly keen to enter into FTAs with India. The country has already signed landmark agreements with the United Arab Emirates, Australia, and the United Kingdom.

At present, discussions are underway with several more partners, including the United States, the European Union, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have expressed interest. The Minister also confirmed that the Terms of Reference with the Eurasian Economic Union have been finalised, reflecting India’s enhanced diplomatic and economic influence on the global stage.

Economic Strength and Reforms

Shri Goyal underlined India’s strong fundamentals, pointing to foreign exchange reserves of USD 700 billion, inflation at 2% (the lowest in a decade), and robust GDP growth of 7.8% in the last quarter.

He hailed the recently introduced GST reforms, describing them as a transformative step. “22 September will be written in golden letters in history. I believe this is the biggest reform since Independence, the impact of which will be felt for decades,” he remarked.

The Minister credited Prime Minister Narendra Modi’s leadership for steering India from a fragile economy in 2014 to becoming the world’s fourth-largest economy today, with projections to reach third place and USD 5 trillion GDP within the next two years. He added that the banking sector is robust, interest rates have declined, and economic growth is increasingly broad-based.

Focus on Inclusive Development

Highlighting government priorities, Shri Goyal said that the Centre is giving special focus to the North-Eastern and Eastern states, ensuring balanced regional development.

Turning to Uttar Pradesh, the Minister commended the state’s rapid transformation, noting that it is the first in India to establish a dedicated Export Promotion Ministry, showcasing its proactive stance toward industrial growth and global trade integration.

Boosting Local Industry and ODOP

The Minister praised the growth of khadi, cotton, and cottage industries, as well as the success of the One District, One Product (ODOP) initiative, which has now expanded to more than 750 districts nationwide. Over 1 200 products under ODOP have received special focus, supported by both central and state governments to strengthen their presence in domestic and international markets.

To further showcase India’s local industries, Unity Malls will be set up across states to highlight district and regional products. Uttar Pradesh will host **three such malls—in Lucknow, Agra, and Varanasi—**providing platforms for artisans and entrepreneurs to reach wider markets.

Quoting the Prime Minister’s call for adopting swadeshi, Shri Goyal said, “Every product carries the blood and toil of Indian workers.”

Infrastructure and Trade Ecosystem in UP

The Minister highlighted that Uttar Pradesh’s dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways, and container depots have created a strong foundation for trade and industry. These developments, he noted, position the state as a critical hub in India’s growth story.

Significance of the UP International Trade Show

Calling the Uttar Pradesh International Trade Show a platform where “vocal for local” meets “local goes global,” Shri Goyal said the event had provided visibility to MSMEs, women entrepreneurs, swadeshi products, and export-driven businesses. He urged stakeholders to remain committed to swadeshi consumption while ensuring GST reforms directly benefit consumers, thereby promoting inclusive growth for all sections of society.