Union Commerce and Industry Minister Piyush Goyal has said that India’s free trade agreements (FTAs) with developed economies are a key pillar of the country’s long-term growth strategy, helping attract investments, create jobs, promote innovation, and strengthen India’s integration into global markets.
Speaking at the closing session of the 5th Annual Meeting of India Global Innovation Connect in New Delhi, Goyal highlighted the importance of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland.
According to the Minister, the agreement has established a strong framework for trade, investment, and innovation-driven collaboration. He noted that EFTA nations have committed to investing USD 100 billion in India over the next 15 years, with the potential to create one million direct jobs.
Goyal emphasized that India’s partnerships with developed economies are based on complementarity rather than competition. While countries in Europe, North America, and other advanced regions possess capital, technology, and expertise, India offers a young workforce, competitive costs, and a rapidly expanding consumer market.
The Minister revealed that India has signed nine FTAs in the past three-and-a-half years, covering 38 countries. These agreements, he said, provide access to new markets, encourage technological collaboration, and strengthen India’s position within global value chains.
Highlighting India’s investment appeal, Goyal pointed to ongoing reforms aimed at simplifying taxation, reducing compliance burdens, and improving the ease of doing business. He also underlined the government’s significant investments in infrastructure, renewable energy, and digital connectivity.
The Minister noted that more than half of India’s installed electricity capacity now comes from renewable energy sources and highlighted the country’s unified national power grid as a major achievement.
Expressing confidence in India’s future, Goyal said that trade partnerships, innovation-led growth, infrastructure development, and a supportive business environment will play a crucial role in shaping India’s economic journey and strengthening its position in the global economy.
