NEW DELHI: India is in discussions with the US, the EU, New Zealand, Oman, Peru and Chile for free trade agreements (FTAs), while Qatar and Bahrain have also expressed interest, Commerce Minister Piyush Goyal said on Monday.
The FTA with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, Goyal added.
The minister informed that the developed nations are keen to sign FTAs with India, which has already concluded such agreements with the UAE, Australia, and the UK.
India’s foreign exchange reserves have crossed $700 billion.
Highlighting the recent GST reforms, Goyal said that Prime Minister Narendra Modi has gifted the nation a transformative reform during Navaratri.
"September 22 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, " he remarked.
The minister noted that under the leadership of Prime Minister Modi, India has transformed from a fragile economy in 2014 to the world’s fourth-largest economy and will become the third-largest economy with a $5 trillion size in the next two years.