EFTA FTA in Force from Oct 2025, Local Goods to Benefit

Union Industries Minister Piyush Goyal announced that the India-EFTA Free Trade Agreement will be implemented from October 1, 2025. The FTA, signed with the European Free Trade Association nations, Switzerland, Norway, Iceland, and Liechtenstein, aims to boost India's exports and provide global platforms for local products. Goyal made the announcement during the closing ceremony of the UP International Trade Show.

Highlighting India’s growing trade ties, the minister mentioned that India has already signed FTAs with the UAE, Australia, and the UK. Talks are ongoing with the US, EU, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have also shown interest. The Terms of Reference with Eurasia have been finalized.

Goyal noted that India’s forex reserves have reached $700 billion and the economy is witnessing robust growth. With inflation at a decade-low 2% and Q2 GDP growth at 7.8%, India has now become the world’s fourth-largest economy and is projected to become the third-largest by 2027, with a $5 trillion GDP.

He also emphasized major reforms under the Modi government, calling the recent GST changes announced on September 22 “the biggest reform since independence.” The government is focusing on inclusive growth, especially in the North Eastern and Eastern states.

Discussing Uttar Pradesh’s industrial growth, Goyal praised the state's infrastructure development and its pioneering step in establishing India’s first export promotion ministry. He highlighted the success of the ‘One District, One Product’ (ODOP) initiative, now active in over 750 districts with 1200+ products.

Unity Malls will soon be established in each state to promote local goods. Uttar Pradesh will have three in Lucknow, Agra, and Varanasi. Goyal urged support for indigenous products to ensure inclusive and sustainable development.