India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries – Switzerland, Liechtenstein, Norway, and Iceland – will take effect on 1 October 2025, Union Minister of Commerce and Industry Piyush Goyal announced on Monday.
Goyal confirmed that the agreement, which was finalized in March 2024, represents a significant step forward in India’s global trade strategy, reports News 18.
“This FTA with EFTA nations will be implemented starting from October 1, 2025,” Goyal stated during the conclusion of the UP International Trade Show.
This agreement is part of India’s broader push to strengthen its trade ties globally, following recent deals with countries like the UAE, Australia, and the UK.
India is also negotiating similar FTAs with 27 other countries, including the United States, the European Union, and Peru, Goyal added.
He further mentioned that terms for an agreement with the Eurasian Economic Union have already been finalized.
Goyal emphasized that nations, both developed and developing, are eager to sign free trade agreements with India.
He also highlighted the economic progress India has made under the current government, with foreign exchange reserves rising to USD 700 billion, nearly three times the amount India inherited in 2014.
India is on track to become a USD 5 trillion economy within the next two years, positioning itself as the third-largest economy in the world, Goyal confidently predicted.
Goyal noted that India’s GDP grew by 7.8% in the last quarter, and inflation dropped to 2%, the lowest since independence, under the leadership of Prime Minister Modi.
