India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) — which includes Switzerland, Norway, Iceland, and Liechtenstein — will officially come into effect on October 1, 2025. Union Minister of Commerce & Industry Piyush Goyal announced the update at the UP International Trade Show. The pact, signed in March 2024, marks another step in India’s growing global trade network.
Goyal highlighted that developed countries are lining up to sign trade agreements with India, following successful pacts with the UAE, Australia, and the UK. He also pointed out that India’s foreign exchange reserves have crossed $700 billion, showing strong economic health.
Talks are ongoing with the United States, European Union, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have expressed interest. India has also finalised discussions with the Eurasian region, further strengthening its global position.
The minister praised recent GST reforms, calling them the biggest economic change since Independence. He credited Prime Minister Modi’s leadership for India’s rise to the world’s fourth-largest economy, with a $5 trillion GDP target by 2027.
In Uttar Pradesh, Goyal applauded the success of the ODOP (One District, One Product) program and announced new unity malls to showcase local products nationwide.
