New Delhi, Sep 29 (NationPress) India is currently engaged in negotiations with the United States, the European Union, New Zealand, Oman, Peru, and Chile to establish free trade agreements (FTAs). Additionally, Qatar and Bahrain have shown interest in joining these discussions, according to Commerce Minister Piyush Goyal on Monday.

The FTA with the EFTA countries (which include Iceland, Liechtenstein, Norway, and Switzerland), was finalized in March 2024 and is set to take effect from October 1, Goyal mentioned.

The minister elaborated that developed nations are eager to sign FTAs with India, which has already established agreements with the UAE, Australia, and the UK.

India’s foreign exchange reserves have surpassed $700 billion.

In discussing the recent GST reforms, Goyal remarked that Prime Minister Narendra Modi has introduced a transformative reform during Navaratri.

“September 22 will be commemorated in golden letters in history. I believe this marks the most significant reform since Independence, with impacts that will resonate for decades,” he stated.

The minister pointed out that under Prime Minister Modi's leadership, India has evolved from a fragile economy in 2014 to become the fourth-largest economy in the world, with aspirations to reach the third-largest status and a $5 trillion economy within the next two years.

He emphasized that inflation is currently at 2%, marking the lowest rate in a decade, while GDP growth was reported at 7.8% in the last quarter. He also expressed confidence in the resilience of India’s banking sector and the reduction of interest rates.

Goyal highlighted the government's commitment to developing the northeastern and eastern states, collaborating closely with local governments to ensure inclusive growth and development.

He praised the impressive progress in Uttar Pradesh, indicating that the state has flourished under this inclusive growth vision, benefiting all segments of society, including small and large businesses.

Uttar Pradesh has set a precedent as the first state in India to create a dedicated Export Promotion Ministry, showcasing its proactive stance in enhancing trade and industry.

The minister noted substantial growth in various sectors in the state, including khadi, cotton, and the cottage industry.

Goyal remarked that UP’s infrastructural advancements—such as the dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways, and container depots—have significantly bolstered its trade and industry ecosystem.