India, Oman close to finalizing free trade agreement: Piyush Goyal

India is nearing the conclusion of a Free Trade Agreement (FTA) with Oman, with Commerce and Industry Minister Piyush Goyal indicating that an announcement could be made soon. The move is expected to significantly boost bilateral trade and investment flows between the two countries.

“I think you will see some good news very soon on the Oman FTA,” Goyal told journalists during his ongoing official visit to France, where he is promoting Indian trade and investment interests. He is also scheduled to attend a ministerial meeting of the World Trade Organization (WTO) on Tuesday.

Negotiations for the proposed India-Oman Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. Goyal’s visit to Oman in late January 2025, where he co-chaired the 11th session of the India-Oman Joint Commission Meeting with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, marked a key step in advancing the talks.

During the high-level meeting, both ministers reviewed bilateral relations and held in-depth discussions on cooperation in areas such as trade, investment, technology, food security, and renewable energy. They agreed to accelerate negotiations for the CEPA, with the aim of signing the agreement at the earliest.

Describing the CEPA as a potential milestone in India-Oman relations, officials said the pact could significantly expand two-way trade and investments.

Oman is India’s third-largest export destination among Gulf Cooperation Council (GCC) nations. In 2024-25, bilateral trade between the two countries stood at approximately USD 10.5 billion, with Indian exports worth USD 4 billion and imports valued at USD 6.54 billion.