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Union Commerce and Industry Minister Piyush Goyal on Saturday announced that India’s Free Trade Agreement (FTA) with Oman is in its final stages. Addressing a press conference in New Delhi, Mr. Goyal also provided updates on India’s ongoing FTA negotiations with several key global partners, including the United States, European Union, United Kingdom, New Zealand, Chile, and Peru.
He emphasized that the upcoming FTAs aim to tap into technological collaboration, expand market access, and leverage India’s global leadership in STEM sectors (Science, Technology, Engineering, and Mathematics).
“India’s growing reputation for quality goods, cost competitiveness, and skilled workforce is driving confidence among developed nations to ink trade deals with us,” Goyal said.
Highlights from the Press Conference:
India-Oman FTA
- Nearing completion with final legal vetting underway.
- Expected to boost bilateral trade and strengthen strategic ties in the Gulf region.
- Focus sectors: Energy, logistics, food processing, and infrastructure.
India-US Trade Talks
- Steady progress with regular engagement on market access, services, and digital trade.
- Focused on technology transfer and pharmaceutical collaboration.
India-EU FTA
- Discussions advancing in multiple rounds covering tariff reduction, sustainability, and investment protection.
- Seen as a key step towards diversifying trade dependencies.
India-UK FTA
- Minister Goyal confirmed that the FTA enjoys bi-partisan support in the UK Parliament.
- Expected to level the playing field for Indian exporters in textile, leather, and auto sectors.
- Mr. Goyal will hold sector-specific consultations in India ahead of the final agreement.
Other FTAs
- Negotiations continue with New Zealand, Chile, and Peru, aimed at expanding India’s presence in the Pacific and Latin American markets.
Significance for India:
Mr. Goyal said that India’s recent success in concluding FTAs with countries like Australia and UAE reflects the world’s recognition of India as a trusted trading partner and a global manufacturing hub.
“Our vision is to make India a preferred partner for value-added manufacturing, sustainable trade, and digital cooperation,” he added.
These developments are expected to open new markets for Indian goods and services, create jobs, and strengthen India’s role in global supply chains.
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