The North News
New Delhi, September 29
India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries — Iceland, Liechtenstein, Norway and Switzerland — will come into force on 1 October, Commerce Minister Piyush Goyal has announced on Monday.
Speaking at the valedictory session of the Uttar Pradesh International Trade Show in Greater Noida, Goyal said the pact, finalised in March 2024, reflected India’s growing global economic stature. He noted that India had already concluded trade agreements with the UAE, Australia and the UK, and is now in talks with the US, EU, New Zealand, Oman, Peru and Chile. Qatar and Bahrain have also shown interest, while terms of reference with Eurasia have been finalised.
The minister highlighted India’s rising foreign exchange reserves, which have touched USD 700 billion, and said the economy had transformed from “fragile in 2014 to the world’s fourth largest today.” He projected that India would become the world’s third-largest economy within two years with a GDP size of USD 5 trillion, pointing to low inflation and steady growth.
He also praised recent GST reforms, calling them “the biggest reform since Independence,” and stressed that India’s banking sector is robust.
Turning to regional development, Goyal said the government was giving special attention to the North-East and Eastern states, while noting the “remarkable progress” made by Uttar Pradesh. He cited the state’s dedicated export promotion ministry, strong infrastructure push, and the success of the One District, One Product (ODOP) initiative, now covering more than 750 districts nationwide.
Unity Malls are to be established in every state to showcase local products, with Uttar Pradesh set to get three — in Lucknow, Agra and Varanasi. Goyal urged consumers to embrace swadeshi goods, saying “every product carries the blood and toil of Indian workers.” He added that the trade show had given a platform to MSMEs, women entrepreneurs and local industries, merging the “vocal for local” initiative with the vision of “local goes global.”
