India-Oman FTA on the Brink of Finalization

Union Commerce and Industry Minister Piyush Goyal announced that India's Free Trade Agreement (FTA) with Oman is in its final stages, marking a significant step in India's trade diplomacy. "We are in negotiations at an advanced stage with Oman. It is almost finalised," Goyal stated, highlighting the rapid progress in talks.

Expanding Global Trade Networks

Goyal also shed light on the brisk advancements in negotiations with the European Union, United States, Peru, and Chile. India's strategic FTAs with Mauritius, Australia, and the European Free Trade Association (EFTA) bloc underscore its growing influence in global trade.

India-UK CETA: A Leap Forward

The recently signed India-UK Comprehensive Economic and Trade Agreement (CETA), described as "very comprehensive" by Goyal, aims to slash average tariffs on UK goods from 15% to 3%, potentially elevating bilateral trade to $120 billion by 2030.

Challenges and Opportunities Ahead

While discussions with the US are progressing, complex issues around agricultural and dairy products remain. India is advocating for reduced tariffs in sectors like steel, aluminium, and textiles, aiming to double the current trade volume with the US to $500 billion.

Goyal emphasized India's commitment to expanding its international trade frontiers and bolstering investor confidence, with parallel negotiations underway with New Zealand and Chile.