New Delhi, Sep 29: The Free Trade Agreement (FTA) with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1 this year, said Union Minister of Commerce & Industry, Piyush Goyal while addressing the valedictory session of the UP International Trade Show today.
Goyal informed that the developed nations are keen to sign Free Trade Agreements (FTAs) with India, which has already concluded such agreements with the UAE, Australia and the UK. India’s foreign exchange reserves have reached USD 700 billion.
The Minister further stated that 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, he added.
Highlighting the recent GST reforms, Goyal said that Prime Minister Narendra Modi has gifted the nation a transformative reform during Navaratri. “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,” he remarked.
The Minister noted that under the leadership of the Prime Minister, India has transformed from a fragile economy in 2014 to the world’s 4th largest economy today, and will become the 3rd largest economy with a USD 5 trillion size in the next two years. He underlined that inflation is at 2 percent—the lowest in a decade—while GDP growth stood at 7.8% in the last quarter. He also emphasised that India’s banking sector is robust and interest rates have come down.
Goyal said that the Union Government is now giving special focus to the development of the North-Eastern and Eastern states, working hand in hand with the respective state governments to ensure inclusive growth and development.
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