India in Trade Talks with US, Oman, Chile
Greater Noida: India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries—Iceland, Liechtenstein, Norway, and Switzerland—finalised in March 2024, will take effect on October 1, 2025. Union Minister of Commerce and Industry Piyush Goyal announced this during the valedictory session of the Uttar Pradesh International Trade Show. He noted that developed nations are eager to sign FTAs with India, which has already concluded agreements with the United Arab Emirates, Australia, and the United Kingdom. India’s foreign exchange reserves have reached USD 700 billion.
Goyal also revealed ongoing trade discussions with the United States, European Union, New Zealand, Oman, Peru, and Chile, with Qatar and Bahrain expressing interest. The Terms of Reference with Eurasia have been finalised, signalling India’s growing global economic influence.
Highlighting recent GST reforms, Goyal described them as a transformative step initiated during Navaratri, predicting their impact will resonate for decades. He credited Prime Minister Narendra Modi’s leadership for elevating India from a fragile economy in 2014 to the world’s fourth-largest economy, poised to become the third-largest, with a USD 5 trillion economy in the next two years. Goyal noted that inflation is at a decade low of 2 per cent, with GDP growth at 7.8% in the last quarter. He also emphasised the strength of India’s banking sector and reduced interest rates.
Goyal underscored the government’s focus on developing North-Eastern and Eastern states, collaborating with state governments to ensure inclusive growth. He praised Uttar Pradesh’s progress, highlighting its establishment of a dedicated Export Promotion Ministry, a first in India. The state has seen significant growth in sectors like khadi, cotton, and cottage industries, driven by the One District, One Product (ODOP) initiative, which now spans over 750 districts and promotes more than 1,200 products in domestic and global markets.
Unity Malls to Promote India’s District Products
To further showcase these products, Unity Malls will be established in every state, with Uttar Pradesh hosting three in Lucknow, Agra, and Varanasi. These malls will promote both state-specific and interstate products, offering artisans and entrepreneurs greater visibility. Goyal echoed the Prime Minister’s call to adopt swadeshi products, emphasising their role in supporting Indian workers.
Uttar Pradesh’s infrastructure, including freight corridors, expressways, airports, multimodal logistics hubs, inland waterways, and container depots, has bolstered its trade ecosystem. The UP International Trade Show has served as a platform for MSMEs, women entrepreneurs, swadeshi products, and export-oriented units, embodying the themes of “vocal for local” and “local goes global.” Goyal urged stakeholders to embrace swadeshi products and ensure GST benefits reach consumers, fostering inclusive growth.
– global bihari bureau
