Union Commerce and Industry Minister Piyush Goyal has declared that the free trade agreement with nations that are part of the European Free Trade Agreement will take effect starting October 1. During the closing ceremony of the International Trade Fair held in Uttar Pradesh today, he stated, “India’s free trade agreement with European nations Iceland, Liechtenstein, Norway, and Switzerland was concluded in March of last year. This trade agreement will become effective the day after tomorrow (October 1). Developed nations are eager to establish a free trade agreement with India. The agreements with the United Arab Emirates, Australia, and the UK have already been finalized. Ongoing discussions are taking place with the US, the European Union, New Zealand, Oman, Peru, and Chile regarding a free trade agreement. Likewise, Qatar and Bahrain have shown interest in forming a free trade relationship with India.The effects of the Goods and Services Tax reforms implemented on September 22 will be felt for many years to come. India’s foreign exchange reserves have now reached 700 billion US dollars.
