Union Minister of Commerce & Industry Shri Piyush Goyal announced that India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA)—comprising Iceland, Liechtenstein, Norway, and Switzerland—will officially come into force on October 1, 2025.
The agreement, finalized in March 2024, marks India’s first Europe-facing trade pact and is expected to unlock significant investment and job creation.
Speaking at the UP International Trade Show, Goyal emphasized India’s growing global trade footprint, noting ongoing negotiations with the US, EU, New Zealand, Oman, Peru, and Chile, and finalized Terms of Reference with Eurasia.
He also hailed the recent GST reforms introduced on September 22 as “the biggest reform since Independence,” calling it a historic moment that will shape India’s economy for decades.
Goyal highlighted India’s transformation from a fragile economy in 2014 to the world’s 4th largest, with a projected $5 trillion GDP by 2027. He cited 2% inflation, 7.8% GDP growth, and a robust banking sector as signs of macroeconomic strength.
🛍️ ODOP and Swadeshi Push
The Minister spotlighted the success of the One District, One Product (ODOP) initiative, now active in 750+ districts with over 1,200 products receiving targeted support. He announced the creation of Unity Malls in every state to showcase local and inter-state products, with three malls planned in Uttar Pradesh—Lucknow, Agra, and Varanasi.
Goyal urged citizens to embrace swadeshi products, stating, “Every product carries the blood and toil of Indian workers,” and called for GST benefits to be passed directly to consumers.
🚚 Infrastructure and Inclusive Growth
He praised Uttar Pradesh’s infrastructure boom, citing expressways, airports, freight corridors, and logistics hubs as key enablers of trade. He also commended UP for being the first state to establish an Export Promotion Ministry, reflecting its proactive stance on industrial growth.
The Trade Show, he said, has become a vital platform for MSMEs, women entrepreneurs, and export-oriented units, embodying the spirit of “Vocal for Local” and “Local Goes Global.”
