India Strengthens Global Trade Ties and Promotes Inclusive Growth at UP International Trade Show

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Dated: 30.09.2025

India Strengthens Global Trade Ties and Promotes Inclusive Growth at UP International Trade Show

The Union Minister of Commerce & Industry, Shri Piyush Goyal, delivered a powerful address at the valedictory session of the UP International Trade Show, shedding light on India’s remarkable progress in trade, economic reforms, and inclusive growth. Here are the key takeaways from his speech:

FTA with EFTA to Come into Effect from October 1, 2025 

India’s Free Trade Agreement (FTA) with the EFTA countries—comprising Iceland, Liechtenstein, Norway, and Switzerland—will officially come into effect on October 1, 2025. This agreement, finalized in March 2024, marks a significant milestone in India’s trade relations with developed nations. Shri Goyal highlighted that India has already concluded FTAs with the UAE, Australia, and the UK, and is actively engaging in trade talks with the US, EU, New Zealand, Oman, Peru, and Chile. Additionally, Qatar and Bahrain have expressed interest in strengthening trade ties with India, while the Terms of Reference with Eurasia have been finalized, showcasing India’s growing global influence.

India’s Economic Transformation 

Under the leadership of Prime Minister Shri Narendra Modi, India has undergone a remarkable transformation, evolving from a fragile economy in 2014 to the world’s 4th largest economy today. Shri Goyal projected that India will become the 3rd largest economy, with a USD 5 trillion size, within the next two years. He emphasized key economic indicators, including:

Inflation: At 2 percent, the lowest in a decade.
GDP Growth: 7.8% in the last quarter.
Foreign Exchange Reserves: USD 700 billion.
Banking Sector: Robust, with reduced interest rates.

GST Reforms: A Historic Milestone 

Shri Goyal hailed the recent GST reforms as a transformative gift from Prime Minister Modi during Navaratri. He described September 22 as a historic day, marking the biggest reform since Independence, with long-lasting impacts on India’s economy. He urged stakeholders to ensure that GST benefits flow directly to consumers, promoting inclusive growth.

Focus on Inclusive Growth 

The Union Government is prioritizing the development of North-Eastern and Eastern states, working collaboratively with state governments to ensure inclusive growth. Shri Goyal also highlighted Uttar Pradesh’s remarkable progress, noting its proactive approach in strengthening trade and industry. UP has become the first state in India to establish a dedicated Export Promotion Ministry, reflecting its commitment to boosting exports and supporting local businesses.

One District, One Product (ODOP) Initiative 

The ODOP initiative has reached over 750 districts across India, providing a significant boost to khadi, cotton, and cottage industries. Shri Goyal shared that more than 1200 products under ODOP have received special focus, with efforts from both Central and State governments to promote them in domestic and global markets. To further support this initiative, Unity Malls will be established in every state to showcase district-specific products. Uttar Pradesh will host three such malls in Lucknow, Agra, and Varanasi, offering artisans and entrepreneurs greater visibility.

Infrastructure Development in Uttar Pradesh 

Shri Goyal highlighted UP’s infrastructure advancements, including:

Dedicated freight corridors.
Expressways.
Airports.
Multimodal logistics hubs.
Inland waterways.
Container depots.

These developments have significantly strengthened UP’s trade and industry ecosystem, enabling the state to emerge as a key player in India’s economic growth.

Vocal for Local, Local Goes Global 

The UP International Trade Show provided a vital platform for MSMEs, women entrepreneurs, swadeshi products, and export-oriented units. Shri Goyal emphasized the importance of adopting swadeshi products, stating, “Every product carries the blood and toil of Indian workers.” He urged stakeholders to commit to using locally made products, ensuring that India’s growth story is inclusive and sustainable.

Conclusion

Shri Piyush Goyal’s address at the UP International Trade Show highlighted India’s impressive strides in trade, economic reforms, and inclusive growth. From transformative GST reforms to the ODOP initiative and infrastructure development, India is poised to become a global economic powerhouse. The event served as a true amalgamation of “vocal for local” and “local goes global,” inspiring stakeholders to contribute to India’s growth by embracing swadeshi products and supporting MSMEs and entrepreneurs.

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Source: Ministry of Commerce & Industry

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