India’s FTA with Oman to kick in from May 1; trade talks gain pace: Piyush Goyal

Commerce and Industry Minister Piyush Goyal  on Thursday said that India will implement its Free Trade Agreement (FTA) with Oman from May 1, 2026. The Minister further said that India remains resilient on food security with smooth energy supplies amid the ongoing war in West Asia.

Addressing a press conference in New Delhi, Goyal said India’s trade engagements are progressing strongly across key partners. He noted that officials from the United Kingdom have expressed satisfaction over what he described as India’s fastest-ever FTA agreement.

India has accelerated its FTA push in recent years, signing key deals such as the CEPA with the United Arab Emirates and the ECTA with Australia in 2022. More recently, India has concluded negotiations with the United Kingdom, while the country signed FTAs with the European Union and New Zealand, both of which have seen renewed momentum after years of pause. Negotiations are also progressing with partners like Canada and South Africa.

“Our relations are robust in technology and trade. We have secured the best deals among our competitors and are currently in a sweet spot,” Goyal said. 

He added that India is in a strong position from an investment perspective but needs to secure greater preferential market access, currently at around 10%.

‘Minimum disruption to businessmen and the common man’

The minister also sought to reassure businesses and consumers amid global uncertainties, including the ongoing tensions involving Iran. 

“India will ensure minimum disruption to businessmen and the common man,” he said, adding that the country remains resilient on food security and energy supplies, with no shortage of gas and new shipments ensuring future pipeline stability.

Safeguarding India’s interests at the WTO

On multilateral engagements, Goyal stressed the importance of safeguarding India’s interests at the WTO, noting that the country has consistently stood by its principles. He added that India’s balanced stance on global conflicts has been widely appreciated.

Furthermore, India is set to deepen trade ties with Canada, with plans for a joint session and a business delegation to explore investment opportunities and expand bilateral commerce.

On the proposed e-commerce pact, Goyal said discussions are ongoing with partner countries, with the government aiming to bring greater certainty for businesses.

Trade agreement with South Africa Soon

Additionally, Commerce Secretary Rajesh Agrawal said substantial groundwork has been completed with South Africa, and a preferential trade agreement is expected to commence soon.

Agrawal added that recent WTO discussions have yielded substantial progress, reinforcing expectations that new trade agreements, particularly with South Africa, could be operational in the near term.