New Delhi [India], September 29 (ANI): India's Free Trade Agreement (FTA) with the European Free Trade Association (EFTA), finalised in March 2024, will come into effect from October 1, Union Minister of Commerce and Industry Piyush Goyal said on Monday.

The EFTA deal, which covers Switzerland, Liechtenstein, Norway and Iceland, will add to the list of trade agreements India has signed in recent years. 'From the first of next month, a group of four countries--Switzerland, Liechtenstein, Norway, and Iceland--will also come into effect,' Goyal said while addressing the valedictory session of the UP International Trade Show.

The Union Minister underlined that India is negotiating trade agreements with 27 countries, including the United States, the European Union, and Peru. At the same time, terms of reference for a pact with Eurasia have already been finalised. 'Countries around the world, including developed nations, are eager to sign free trade agreements with India,' he said, recalling that agreements have already been signed with the UAE, Australia and the United Kingdom.

Addressing the gathering, the minister highlighted the transformation of India's economy since 2014, noting that foreign exchange reserves now stand at USD 700 billion, nearly three times higher than the amount inherited then. He added that 'within the next two years, India will become the world's third largest economy--a USD 5 trillion economy.'

Goyal said India's GDP grew 7.8 per cent in the last quarter, while inflation recently fell to 2 per cent, the lowest since independence. He noted that banks are strong, lending capacity has improved, and interest rates have come down significantly. 'In the last ten years under Prime Minister Modi, India has seen the lowest average inflation,' he said.

Speaking on the journey since 2014, Goyal reminded the audience that India was once counted among the world's 'Fragile Five' economies. According to him, the transformation over the last 11 years has come through transparency and reforms. 'Earlier, government resources like 2G spectrum, coal mines, iron ore mines, contracts, used to be handed over to relatives, associates, or party members. Modi ji ensured that everything is now given only through transparent auctions,' Goyal stated.

The minister also highlighted Uttar Pradesh's economic progress. 'The state has reached new heights in just eight years. Uttar Pradesh today is on such a fast-paced runway of growth that it can perhaps now be called Unstoppable Uttar Pradesh,' he said.

Referring to the recent tax reform festival, Goyal said, 'The reforms through the GST Bachhat Utsav, which have made many of our daily needs cheaper, are a gift from Prime Minister Modi ji to all of us during this Navratri.' (ANI)