India-EFTA trade agreement begins on October 1

India's Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) nations—Iceland, Liechtenstein, Norway, and Switzerland— came into effect on October 1, 2025. The deal was finalised in March 2024 and is expected to boost trade relations between India and the four European countries.

The announcement was made by Union Minister of Commerce & Industry, Piyush Goyal, during his address at the UP International Trade Show's valedictory session.

Goyal noted that numerous developed nations are now eager to sign FTAs with India, which has already successfully concluded agreements with the UAE, Australia, and the UK.

He also highlighted India's economic position, with foreign exchange reserves reaching US$700 billion.

According to the Minister, India is currently in discussions with several other key trading partners, including the US, European Union, New Zealand, Oman, Peru, and Chile.

Furthermore, Qatar and Bahrain have expressed interest in pursuing similar agreements, and the Terms of Reference with Eurasia have been finalised.

Uttar Pradesh’s infrastructure drives trade growth

During his speech, Goyal pointed to the Uttar Pradesh dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways, and container depots as key drivers strengthening its trade and industrial ecosystem.

He noted the role of the UP International Trade Show as a crucial platform for Micro, Small & Medium Enterprises (MSMEs), female entrepreneurs, and export-oriented businesses.