India’s long-awaited trade agreement with the European Free Trade Association (EFTA) is set to officially come into force on October 1, Union Commerce and Industry Minister Piyush Goyal announced on Monday. The EFTA grouping, comprising Switzerland, Norway, Iceland, and Liechtenstein, had signed the pact with India in March 2024.
Highlighting India’s growing prominence in global trade, Minister Goyal noted that many developed economies are increasingly seeking stronger commercial ties with the country. “Over the past four years, India has successfully concluded free trade agreements with Mauritius, the United Arab Emirates, Australia, the United Kingdom, and now the EFTA bloc,” he said.
Discussions are currently ongoing with several other nations, including the United States, New Zealand, Oman, Peru, and Chile, while the European Union is also engaged in active negotiations. Additionally, countries such as Bahrain and Qatar have expressed interest in exploring future trade partnerships with India.
Speaking at the valedictory session of the UP International Trade Show, Goyal confirmed that the terms of reference with the Russia-led Eurasian Economic Union (EAEU)—comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan—have been finalized, marking another milestone in India’s global trade strategy.
Emphasizing India’s economic transformation, Goyal said the country has progressed from being considered a “fragile economy” in 2014 to now standing as the world’s fourth-largest economy. He expressed confidence that India is on track to achieve the $5 trillion GDP milestone and could emerge as the third-largest economy within the next two years.