Piyush Goyal announces that the India-EFTA trade agreement will take effect from October 1

India-EFTA $100 Billion Trade Pact Set to Go Live on October 1, Announces Piyush Goyal

In a major development for India's economic future, Union Minister Piyush Goyal announced today that the historic trade agreement between India and the European Free Trade Association (EFTA) will officially take effect on October 1, 2025. The announcement, made during a high-level review meeting, provides a clear and eagerly awaited timeline for a deal celebrated for its unique focus on investment-led growth. This final step moves the agreement from negotiation to implementation, setting the stage for a transformative inflow of capital and expertise into the Indian economy.

The pact, which includes the nations of Switzerland, Norway, Iceland, and Liechtenstein, is distinguished by a legally binding commitment for EFTA countries to facilitate $100 billion in foreign direct investment into India. This investment is projected to generate over one million jobs over the next 15 years, marking a significant boost for sectors like manufacturing, pharmaceuticals, renewable energy, and technology. Minister Goyal emphasized that the finalization of the date provides certainty for businesses and investors, calling it a "bridge to a brighter future for our youth" and a testament to India's credibility as a premier global investment destination.

With the October 1 start date confirmed, businesses on both sides can now accelerate their preparations for the new trading environment. The agreement promises to gradually reduce tariffs on a wide array of goods, improve market access for Indian professionals and service providers, and offer consumers a greater variety of high-quality products from EFTA nations. For the EFTA bloc, the deal provides unparalleled access to India's vast consumer market, creating a powerful two-way street for trade, investment, and shared prosperity. The countdown to implementation begins, launching a new chapter in India's economic relations with the world.