Union Minister Piyush Goyal (File image)
Photo : Twitter
The free trade agreement between India and the European Free Trade Association (EFTA) countries (Iceland, Liechtenstein, Norway, and Switzerland) has officially come into effect, announced Commerce and Industry Minister Piyush Goyal on Wednesday, October 1. He highlighted that the agreement will open up fresh avenues for trade, investment, and employment, offering significant benefits to both businesses and citizens.
Calling it a landmark moment, Goyal shared on X, “A historic day as the India-EFTA Trade and Economic Partnership Agreement (TEPA) is now in force.”
Echoing the sentiment, Guy Parmelin, Head of the Swiss Federal Department of Economic Affairs, Education and Research, stated, “Today marks the commencement of the Trade and Economic Partnership Agreement (TEPA) between EFTA and India.”
Previously, Goyal revealed that India is actively negotiating trade agreements with several countries, including the US, EU, New Zealand, Oman, Peru, and Chile. He also noted interest from Qatar and Bahrain. With the Terms of Reference finalised with Eurasia, the Minister highlighted India’s rising stature on the global stage, reflecting its growing economic influence and trade ambitions.
GST Reform: A Landmark Economic Milestone
Describing the recent GST reforms as a historic gift from Prime Minister Narendra Modi, Goyal stated, “22 September will be written in golden letters in history. I believe this is the biggest reform since Independence, the impact of which will be felt for decades.” This transformative change is expected to boost India’s economy, which has grown from a fragile state in 2014 to the world’s 4th largest economy today, with projections to become the 3rd largest soon, crossing $ 5 trillion in size. Inflation is at a decade-low of 2 per cent, and GDP growth hit 7.8 per cent in the last quarter.