The Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) countries—Iceland, Liechtenstein, Norway, and Switzerland—will come into effect from 1st October, 2025, announced Hon’ble Union Minister of Commerce & Industry, Shri Piyush Goyal, at the valedictory session of the UP International Trade Show.
Shri Goyal highlighted that India has already concluded FTAs with the UAE, Australia, and the UK, and that developed nations are keen to explore further trade agreements with India. The country is currently engaged 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, reflecting India’s strong global trade position.
Speaking on the domestic economic landscape, Shri Goyal said Prime Minister Shri Narendra Modi’s recent GST reforms mark a historic milestone: “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.” The Minister noted that India has grown from a fragile economy in 2014 to the world’s 4th largest economy today, with projections to reach a USD 5 trillion size in the next two years. Inflation is at a decade-low of 2%, GDP growth stood at 7.8% in the last quarter, and interest rates have eased, he added.
The Minister underlined the government’s focus on inclusive growth, particularly in the North-Eastern and Eastern states, and praised Uttar Pradesh’s proactive trade initiatives. “UP is the first state in the country to have a dedicated Export Promotion Ministry, reflecting its commitment to strengthening trade and industry,” he said.
Highlighting the One District, One Product (ODOP) initiative, Shri Goyal noted that it now covers over 750 districts, promoting more than 1,200 products, including khadi, cotton, and cottage industry items. Unity Malls will be established in every state to showcase these district-specific products, with UP opening three such malls in Lucknow, Agra, and Varanasi.
Shri Goyal also lauded UP’s infrastructure growth, citing expressways, airports, logistics hubs, inland waterways, and container depots that have enhanced the state’s trade ecosystem. He described the UP International Trade Show as a platform that merges “vocal for local” with “local goes global,” urging stakeholders to adopt swadeshi products to benefit artisans and promote inclusive growth.