The Free Trade Agreement (FTA) between India and the EFTA countries—Iceland, Liechtenstein, Norway, and Switzerland—will come into force from October 1, 2025, Union Minister of Commerce & Industry Shri Piyush Goyal announced at the valedictory session of the UP International Trade Show today.
Goyal highlighted India’s growing global trade engagement, noting that developed nations are keen to sign FTAs with India, which has already concluded agreements with the UAE, Australia, and the UK. India’s foreign exchange reserves currently stand at USD 700 billion.
The Minister added that India is also in discussions with the US, EU, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have shown interest. The Terms of Reference with Eurasia have been finalized, reflecting India’s strong international standing.
Goyal praised the recent GST reforms, calling them a transformative step for India’s economy. “22 September will be written in golden letters in history. I believe this is the biggest reform since Independence, with impact that will be felt for decades,” he said.
Highlighting India’s economic journey, Shri Goyal noted that under PM Narendra Modi’s leadership, India has grown from a fragile economy in 2014 to the world’s 4th largest economy, projected to become the 3rd largest economy with USD 5 trillion in the next two years. He pointed out low inflation at 2%, robust GDP growth of 7.8%, and a strengthened banking sector with lower interest rates.
The Minister emphasized the government’s focus on the inclusive development of North-Eastern and Eastern states, working closely with state governments to drive growth. He also lauded Uttar Pradesh’s progress, noting that it is the first state to establish a dedicated Export Promotion Ministry.
Goyal highlighted the growth of sectors such as khadi, cotton, and cottage industries, and the success of the One District, One Product (ODOP) initiative, now covering over 750 districts and more than 1,200 products promoted domestically and globally.
The Minister also announced plans to establish Unity Malls in every state to showcase district-specific and inter-state products. Uttar Pradesh will have three such malls in Lucknow, Agra, and Varanasi, providing artisans and entrepreneurs with greater visibility. He urged citizens to adopt swadeshi products, saying, “Every product carries the blood and toil of Indian workers.”
Goyal further emphasized UP’s robust infrastructure development, including freight corridors, expressways, airports, multimodal logistics hubs, inland waterways, and container depots, as key enablers of trade and industry growth.
He concluded by noting that the UP International Trade Show provided a platform for MSMEs, women entrepreneurs, swadeshi products, and export-oriented units, representing a true blend of “vocal for local” and “local goes global.”