EFTA to come into effect from Oct 1, negotiating FTAs with others: Goyal

The EFTA bloc comprises four nations - Iceland, Switzerland, Norway and Liechtenstein. The deal was signed in March last year but will kick in from Thursday

India’s trade agreement with the four-member European Free Trade Association will come into effect from October 1, Union Commerce and Industry Minister Piyush Goyal said on Monday.

 

The EFTA bloc comprises four nations: Iceland, Switzerland, Norway, and Liechtenstein. The deal was signed in March last year, and will kick in from this Thursday.

 

According to Goyal, several developed nations are keen on signing free trade agreements (FTAs) with India. In the last four years, India has signed trade deals with Mauritius, the United Arab Emirates (UAE), Australia, and the United Kingdom (UK), along with the EFTA.

 

India is also negotiating FTAs with countries like the United States (US), New Zealand, Oman, Peru, and Chile, as well as the European Union (EU). Additionally, countries such as Bahrain and Qatar have also shown interest in negotiating trade pacts with India. 

 

“Talks are going on with the US. Talks are also underway with Oman, Peru, Chile, EU, and New Zealand,” Goyal said while addressing the valedictory session of the UP International Trade Show.

 

Further, the terms of reference (ToR) with the Russia-led Eurasian Economic Union (EAEU) have been finalised, reflecting India’s strong global standing, the minister added. The EAEU comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

 

Goyal also said that India has transformed from a “fragile economy” in 2014 to the world’s fourth-largest economy, and that it will become a $5 trillion economy, or the third-largest economy, in the next two years.