India-EFTA Free Trade Pact to Begin October 1

News: India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Iceland, and Liechtenstein—will come into effect on October 1, announced Commerce Minister Piyush Goyal.

Signed in March last year, the pact strengthens India’s global trade ties amid rising interest from developed economies.

Over the past four years, India has concluded FTAs with Mauritius, the UAE, Australia, the UK, and now EFTA, while talks continue with the US, New Zealand, Oman, Peru, Chile, and the EU.

Goyal also noted finalized terms with the Russia-led Eurasian Economic Union.

Highlighting India’s economic growth, he emphasized the country’s rise to the world’s fourth-largest economy, aiming for a $5 trillion economy and third-largest status within two years.