Piyush Goyal, the Union Minister of Commerce and Industry, said on Monday that the terms of reference for a free trade agreement (FTA) with Eurasia—a consortium of nations that includes Russia—have been finalised.

“Your partner country, Russia, with whom we have a decades-old relationship dating back to the Independence—along with a group of nations forming the Eurasia region—has finalised with us the terms of reference for an FTA,” said Goyal, who was speaking at the valedictory session of the UP International Trade Show in Greater Noida.

Goyal also informed that from October 1, a group of EFTA nations, which includes Switzerland and Liechtenstein, with which the FTA was finalised in March 2024, the FTA will come into effect. He also revealed that talks are ongoing with the U.S. for an FTA, along with the EU, New Zealand, Peru, and Qatar.

“In a sense, the date 22nd September will be written in gold letters, because I believe that this year’s first day of Navratri has witnessed the biggest, most far-reaching reform since Independence, the impact of which will be felt by the people of this nation for decades to come,” said Goyal on the GST reforms, exhorting the congregation to give a rapturous round of applause.

Goyal recounted that the Prime Minister took command of one of the five most fragile economies in 2014—a legacy left by the UPA government—with the Indian economy left in dire straits. “The enthusiasm in the country was vanquished. Even the world wrote us off, saying there is no future in India. Even the Indian passport had no respect or importance in the world. PM Modi, relentlessly worked for 11 years to bring change one after the other, transformed the nation, changed the mindset of people to make a corruption-free society,” he explained.

In 11 years, according to Goyal, PM Modi transformed the Indian economy from one of the fragile five economies to the world’s fourth-largest economy. “In the next two years, we will become the third-largest, with a $5 trillion economy. Banks today are financially strong and in a position to offer loans, with interest rates having fallen considerably. The GDP has been consistently growing at a rate of 7–7.5%. Inflation is at 2%. In PM Modi’s term, inflation has remained the lowest since independence.”

When Uttar Pradesh chief minister Yogi Adityanath assumed charge of the state in 2017, a new dawn rose for the state, according to Goyal. “Giving a two-thirds mandate to the BJP, the state has now seen a sea of reforms that led to inclusive development, which reached to every person, every class in the state. Uttar Pradesh is the first state that has a separate ministry for the promotion of export trade,” he said. “Uttar Pradesh is on such a runway, progressing with such pace and efficiency, that it should be given the moniker ‘Unstoppable Uttar Pradesh’.”

Goyal also exhorted the congregation to take a pledge to use, wherever possible, swadeshi (indigenous) products. “Prime Minister Modi has, very succinctly, defined the definition of swadeshi for India and the world. Swadeshi, as in, the goods that are made with the blood and sweat of Indians. The goods or services given by Indians, and made on Indian soil, will be considered swadeshi.”

The minister also stated that foreign companies, their investments, and technologies are welcome in India under the ambit of the ‘swadeshi’ clarion call. “But swadeshi should encourage trade in India, create jobs in the country, made on Indian soil by Indians and services provided by Indians,” he added.