India`s FTA with EFTA to come into effect from October 1, 2025
Representing a landmark in India’s global trade strategy, Union Minister of Commerce & Industry, Piyush Goyal has said that 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, 2025.
Besides, highlighting the recent GST reforms, Goyal said that Prime Minister Narendra Modi has gifted the nation a transformative reform during Navaratri. He said ‘September 22 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.’
The Minister also 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 $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.
