Muscat – India and Oman are close to finalising a Free Trade Agreement (FTA), with some ‘good news’ expected very soon regarding the signing of the deal, according to India’s Minister of Commerce and Industry, Piyush Goyal.

As reported by several Indian media outlets on Monday, Goyal stated that negotiations between India and Oman on the proposed free trade agreement are progressing towards a conclusion. The talks gained renewed momentum following Goyal’s visit to Muscat in January this year.

The negotiations for the agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), formally commenced in November 2023.

“I think you will see some good news very soon on the Oman FTA,” Goyal told reporters during his official visit to France, when asked whether the agreement could be concluded this year, according to PTI.

Goyal was in France to hold discussions with French leaders and businesses aimed at enhancing trade and investment ties. He was also scheduled to attend a mini-ministerial meeting of the World Trade Organization (WTO) on Tuesday.

Oman is India’s third-largest export destination among the GCC countries. India already has a similar agreement in place with another GCC member, the United Arab Emirates, which came into effect in May 2022.

India’s key imports from Oman include petroleum products and urea, which together account for over 70% of total imports. Other significant imports from Oman comprise polymers of propylene and ethylene, petcoke, gypsum, chemicals, and iron and steel.

Speaking about such FTAs, Goyal remarked that these agreements not only promote trade in goods and services, but also strengthen supply chains and instill confidence among businesses on both sides through stable policies and predictability, according to the PTI report.

“So, in a way, it’s a big message when you conclude an FTA,” he added.

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