Unlock Opportunities: FTA Set to Transform Trade with Iceland, Liechtenstein, Norway, and Switzerland

Union Minister for Commerce and Industry Piyush Goyal announced that the Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) — comprising Iceland, Liechtenstein, Norway, and Switzerland — will take effect on October 1 this year. He highlighted that developed nations are eager to sign FTAs with India, which has already established agreements with the UAE, Australia, and the UK.

Mr. Goyal made these statements during the valedictory session of the UP International Trade Show in Greater Noida. He noted that India is engaged in discussions with various countries, including the US, EU, New Zealand, Oman, Peru, and Chile, with both Qatar and Bahrain expressing interest in future collaborations. He also shared that the Terms of Reference with Eurasia have been finalized, showcasing India’s robust global position. India’s foreign exchange reserves have reportedly reached $700 billion. Under Prime Minister Narendra Modi’s leadership, India has evolved from a vulnerable economy in 2014 to the world’s fourth largest economy, with projections to become the third largest, achieving a $5 trillion economy in the next two years. Mr. Goyal emphasized the significance of recent GST reforms as the most substantial change since Independence, predicting its benefits for decades to come.

The Union Minister pointed out that the UP International Trade Show has created an essential platform for micro, small, and medium enterprises (MSMEs), women entrepreneurs, swadeshi products, and export-oriented units. He described the event as a prime example of the “vocal for local” initiative, urging all stakeholders to commit to utilizing swadeshi products and ensuring that GST advantages directly benefit consumers.

Original Source: https://www.newsonair.gov.in/piyush-goyal-fta-with-iceland-liechtenstein-norway-switzerland-soon/
Category: International,National
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Publish Date: 2025-09-29 17:59:00