Good news very soon on India-Oman trade agreement: Piyush Goyal

Commerce Minister Goyal's visit to Oman boosts FTA talks, aiming to enhance trade and investments between the two countries.

Commerce and Industry Minister Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some "good news" may come "very soon" on that.

The negotiations received a much-needed impetus after the visit of Mr. Goyal to Muscat in January this year.

The talks for the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023.

"I think you will see some good news very soon on the Oman FTA," the Minister told reporters in Paris when asked whether the FTA talks with Oman can be concluded this year.

Mr. Goyal is in Paris on an official visit to hold talks with French leaders and businesses to boost trade and investments. He will also attend a mini-ministerial meeting of the World Trade Organisation (WTO) on June 3.

In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.

Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022.