New Delhi, Sep 29 (IANS) 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.

He underlined that inflation is at 2 per cent — the lowest in a decade — while GDP growth stood at 7.8 per cent in the last quarter. He also emphasised that India’s banking sector is robust, and interest rates have come down. Goyal said that the government is now giving special focus to the development of the northeastern and eastern states, working hand in hand with the respective state governments to ensure inclusive growth and development. He highlighted the remarkable progress of Uttar Pradesh, noting that the state has grown by leaps and bounds under this vision of inclusive growth, which has touched every caste, class, small and big business alike.

Uttar Pradesh, he said, is the first state in the country to have established a dedicated Export Promotion Ministry, reflecting its proactive approach in strengthening trade and industry. The minister observed that the state has witnessed significant growth across sectors such as khadi, cotton, and the cottage industry. Goyal said that UP’s infrastructure development — including the dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways and container depots — has significantly strengthened its trade and industry ecosystem.