India will operationalize its first-ever trade pact with the EFTA bloc—comprising Switzerland, Norway, Iceland, and Liechtenstein—on October 1, boosting trade and economic ties.
Union Minister Piyush Goyal (Photo Credits: ANI)
India will formally operationalize its trade agreement with the European Free Trade Association (EFTA) bloc on October 1, marking the country’s first-ever trade pact with a European grouping.
The four-nation bloc comprises Iceland, Liechtenstein, Norway, and Switzerland. India and EFTA had signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024, but its implementation was delayed due to pending procedural approvals in the member countries.
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Union Commerce and Industry Minister Piyush Goyal, announcing the development, said, “From the first of next month, our trade agreement with the group of four countries—Switzerland, Liechtenstein, Norway, and Iceland—will come into effect.”
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He also underlined that India is negotiating trade agreements with 27 countries, including the United States, the European Union, and Peru, while terms of reference for a pact with the Eurasian bloc have already been finalised.
“Countries around the world, including developed nations, are eager to sign free trade agreements with India,” the minister said, recalling that New Delhi has already signed agreements with the UAE, Australia, and the United Kingdom.
Goyal further 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 in 2014. He added, “Within the next two years, India will become the world’s third-largest economy, a USD 5 trillion economy.”
On the growth outlook, the minister said India’s GDP grew 7.8% in the last quarter, while inflation recently fell to 2%, the lowest since Independence. A high-profile launch event for the agreement’s implementation will be held at Bharat Mandapam in New Delhi.
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