India–EFTA Free Trade Agreement To Take Effect On 1 October
Union Commerce and Industry Minister Piyush Goyal on Monday confirmed that India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) will come into force on October 1, 2025. The pact was concluded in March 2024.“India is also in discussions with the US, EU, New Zealand, Oman, Peru and Chile, while Qatar and Bahrain have also expressed interest. The Terms of Reference with Eurasia have been finalised, which reflects India’s strong global standing”, said Goyal.
Speaking at the closing session of the Uttar Pradesh International Trade Show, Goyal noted that India has already signed trade agreements with the UAE, Australia and the UK, and is in discussions with several others, including the US, European Union, New Zealand, Oman, Peru and Chile. He added that Qatar and Bahrain have shown interest, while negotiations with the Eurasian Economic Union have reached the Terms of Reference stage.
The minister highlighted the strength of India’s macroeconomic fundamentals, pointing out that foreign exchange reserves currently stand at about USD 700 billion. He said GDP grew 7.8 per cent in the most recent quarter and inflation has eased to 2 per cent.
Focusing on Uttar Pradesh’s economic progress, Goyal underlined the state’s initiatives, such as the establishment of India’s first Export Promotion Ministry at the state level and the expansion of the One District, One Product (ODOP) scheme, which now spans over 750 districts and more than 1,200 products. He also announced that “Unity Malls” will be set up across all states to promote local goods, with three earmarked for Lucknow, Agra and Varanasi.
According to him, expressways, airports, logistics hubs, freight corridors and inland waterways are boosting Uttar Pradesh’s trade infrastructure. He added that the trade show itself serves as a key platform for MSMEs, women-led businesses and export-oriented enterprises.
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