Union Minister for Commerce and Industry Piyush Goyal has said that the Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries- Iceland, Liechtenstein, Norway, and Switzerland will come into effect from 1st of October this year. Mr Goyal informed that the developed nations are keen to sign FTAs with India, which has already concluded such agreements with the UAE, Australia and the UK.
The Union Minister stated this while addressing the valedictory session of the UP International Trade Show at Greater Noida today. 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. He said the Terms of Reference with Eurasia have been finalised, which reflects India’s strong global standing. He said India’s foreign exchange reserves have reached 700 billion US dollars. The Minister noted that under the leadership of Prime Minister Narendra Modi, 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 5 trillion US dollar size in the next two years. Highlighting the recent GST reforms, Mr Goyal said that this is the biggest reform since Independence and its impact will be felt for decades.
The Union Minister said the UP International Trade Show has provided a vital platform for MSMEs, women entrepreneurs, swadeshi products, and export-oriented units. Calling the event a true amalgamation of vocal for local and local goes global, Mr Goyal urged all stakeholders to commit to using swadeshi products and ensure that GST benefits flow directly to consumers.
