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Commerce and Industry Minister Piyush Goyal has said Uttar Pradesh is becoming a global centre for investment, innovation, and exports.
Speaking at the third UP International Trade Show, he said the event is a strong platform for Uttar Pradesh's self-reliance and prosperity. He also said India is holding negotiations for Free Trade Agreements (FTA) with several countries of the world, and the country is on the way to becoming the third largest economy. He said the India-European Free Trade Association (EFTA) Trade and Partnership Agreement, finalised in March 2024, will come into effect from October 1. "Free Trade Agreement (FTA) with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, 2025," Goyal said. He said negotiations are currently underway for trade pacts with the United States, European Union, Peru, and several other nations. The Minister noted that India and the Eurasian Economic Union (EAEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and the Russian Federation have signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA). He also referred to GST reforms and Swadeshi campaigns. "UP International Trade Show is a powerful platform for Uttar Pradesh's self-reliance and prosperity. The visionary policies of Prime Minister NarendraModi ji and the strong leadership of Chief Minister YogiAdityanath ji have given a new identity to ODOP (One District One Product) and Make In India in the state. The recently launched #NextGenGST and #Swadeshi campaigns have connected every individual to the innovative task of nation-building while making them self-reliant. Today, this state is becoming a global center for investment, innovation, and exports," Goyal said in a post on X. Goyal said India has grown rapidly in the past 11 years under leadership of Prime Minister Narendra Modi. He said India was considered a "weak economy" when the BJP-led government took office in 2014 under leadership of Prime Minister Narendra Modi. "Modiji has changed this narrative over the past 11 years. Today, India is the world's fourth-largest economy, and within the next two years, we will become the third-largest economy globally," he said. The minister noted that the lowest inflation rates since Independence have been recorded during the Modi government. The minister said Jewar Airport in the YEIDA City will be inaugurated soon, marking another milestone in UP's infrastructure development. Rakesh Kumar, Chairman of India Exposition Mart, told ANI that over five lakh visitors attended the event, with 2,250 exhibitors from different parts of Uttar Pradesh showcasing their products. "All exhibitors received good business opportunities. More than two lakh business-to-business transactions took place, along with numerous enquiries and MoU signings," Kumar said. Russia participated as the partner country. The event saw participation from companies across 80 countries and 550 foreign importers and traders. Kumar noted that Uttar Pradesh has become the first state in the country to launch its own international trade show. The UP International Trade Show has witnessed 30 per cent growth from its first edition, benefiting visitors, buyers, and exhibitors alike. The event underscores Uttar Pradesh's emergence as a major player in India's economic growth story and its increasing integration into global trade networks. (ANI)
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