India's trade agreement with the European Free Trade Association (EFTA) will come into effect on October 1, 2025. This was announced by the Union Minister for Commerce and Industry, Mr. Piyush Goyal on September 29, 2025.

The agreement, signed in March 2024, brings India closer to four EFTA countries - Iceland, Switzerland, Norway and Liechtenstein. It aims to generate new opportunities in goods, services and investment, which will strengthen India's global trading position.

Expanding Global Trade Partnerships

Minister Goyal mentioned that India has already signed Free Trade Agreements (FTAs) with Mauritius, UAE, Australia and the UK in the last four years. The EFTA agreement is the latest addition, reflecting India's strong international reach.

India is also in discussions with the US, New Zealand, Oman, Peru, Chile and the European Union for future trade agreements. Bahrain and Qatar have also expressed interest in initiating discussions.

Furthermore, the terms of reference for negotiations with the Eurasian Economic Union (EAEU), a bloc led by Russia and joined by Kazakhstan, Belarus, Armenia, and Kyrgyzstan have already been finalized.

India’s Economic Transformation

Mr. Goyal highlighted India's remarkable economic growth. In 2014, India was seen as a weak economy. Today, it is recognized as the fourth largest economy in the world.

With robust trade growth and global partnerships, India is poised to achieve its goal of becoming a USD 5 trillion economy within the next two years. If achieved, this would make India the third-largest economy in the world.

The India-EFTA agreement marks another milestone in the country's trade journey. With numerous negotiations underway and rising international confidence, India is moving closer to its vision of becoming a leading force in global trade.