Good information very quickly on India-Oman commerce settlement: Piyush Goyal-OxBig News Network

Commerce and Industry Minister Piyush Goyal. File
| Photo Credit: Shiv Kumar Pushpakar

Commerce and Industry Minister Piyush Goyal has mentioned that negotiations between India and Oman for the proposed free commerce settlement (FTA) are progressing, and a few “excellent news” could come “very quickly” on that.

The negotiations obtained a much-needed impetus after the go to of Mr. Goyal to Muscat in January this yr.

The talks for the settlement, formally dubbed because the Comprehensive Economic Partnership Agreement (CEPA), formally started in November 2023.

“I believe you will notice some excellent news very quickly on the Oman FTA,” the Minister informed reporters in Paris when requested whether or not the FTA talks with Oman could be concluded this yr.

Mr. Goyal is in Paris on an official go to to carry talks with French leaders and companies to spice up commerce and investments. He may also attend a mini-ministerial assembly of the World Trade Organisation (WTO) on June 3.

In such agreements, two buying and selling companions both considerably scale back or get rid of customs duties on a most variety of items traded between them. They additionally ease norms to advertise commerce in providers and appeal to investments.

Oman is the third-largest export vacation spot among the many Gulf Cooperation Council (GCC) international locations for India. India already has an analogous settlement with one other GCC member UAE which got here into impact in May 2022.

The bilateral commerce was about $10.5 billion (exports $4 billion and imports $6.54 billion) in 2024-25.

India’s key imports are petroleum merchandise and urea. These account for over 70% of imports. Other key merchandise are propylene and ethylene polymers, pet coke, gypsum, chemical compounds, and iron and metal.

Talking about such agreements, the Minister mentioned these FTAs not simply promote commerce in items and providers, but additionally strengthen provide chain, carry confidence in companies of each side about secure polices, and predictability. “So in a approach, it is a massive message once you conclude an FTA,” he added.

When requested if India might see additional home reforms because of these agreements, the Minister mentioned FTA stands on their very own footing and haven’t any relationship to “our personal” home efforts to make the nation extra enticing. “These agreements are extra in the direction of opening markets on each side which result in larger competitiveness, improved productiveness and effectivity in all processes,” he mentioned.

Mr. Goyal mentioned the National Manufacturing Mission, introduced within the Budget, could come up quickly. It will additional carry an “orderly form” to how States and the Centre work collectively within the path of selling manufacturing in India, he added.