New Delhi: In a week's time, it is highly likely that India and Oman will finalize a Free Trade Agreement (FTA) aimed at enhancing trade and commerce between the two nations, stated Minister of Commerce Piyush Goyal on Wednesday.
"Oman and India are in discussions regarding an FTA, and it could materialize within a week," he mentioned while speaking at the 'FICCI LEADS' event in New Delhi, further noting that efforts will be made to accelerate the talks.
The FTA will fall under the Comprehensive Economic Partnership Agreement.
Negotiations for a comprehensive trade agreement between India and Oman, which began in 2023, have recently reached completion.
"India aspires to be part of the developed world. We aim to collaborate with friendly nations," he remarked, emphasizing India's desire to actively engage with its trade partners.
During the event, he stated, "We share aligned interests and can genuinely forge partnerships."
Goyal also mentioned that additional FTAs with other countries are on the horizon, although it will require some time.
A meeting with the EU Commissioner is scheduled for today to discuss various FTAs, the minister added.
India's trade deal negotiations have gained traction this week with several bilateral engagements in progress, including new rounds with the European Union (EU).
Over the past five years, India has signed multiple trade agreements, including the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to be enforced.
The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is anticipated to be implemented later this year once all parties have completed their ratification processes.
Currently, India is engaged in discussions regarding multiple agreements, such as the India-EU Free Trade Agreement (FTA), the India-Australia Comprehensive Economic Cooperation Agreement (CECA), the India-Sri Lanka Economic and Technology Cooperation Agreement, the India-Peru FTA, the India-Chile Comprehensive Economic Partnership Agreement (CEPA), the India-New Zealand FTA, and a bilateral trade agreement with the United States.
