India-Oman FTA likely to come into force on June 1: Piyush Goyal

New Delhi, May 12 (SocialNews.XYZ) Union Commerce and Industry Minister Piyush Goyal said on Tuesday that the free trade agreement (FTA) between India and Oman signed in December 2025 is expected to come into force from June 1, 2026.

"I have had a good meeting with the Oman team today and most probably the Oman free trade agreement will come into effect from June 1, 2026," the minister said according to multiple reports.

A delegation from Oman is in India to discuss ways to boost trade and investments. The FTA will provide duty-free access to 98 per cent of India's exports in Oman, for goods such as textiles, agricultural produce, and leather items.

India in return will reduce tariffs on Omanese products such as dates, marbles and petrochemical items.

Commenting on his meeting with the Chilean foreign minister here, Goyal mentioned challenges due to the diverse nature of both economies in size and scale of opportunities.

"We are trying to bridge that gap through innovative solutions. If we get a good deal around critical minerals and other important mining concessions then maybe there is some very good possibility that we should be able to finalise an FTA with Chile," he said.

India and Chile are currently negotiating to widen scope of a preferential trade agreement (PTA) signed in 2006 to a Comprehensive Economic Partnership Agreement (CEPA) to boost the modest bilateral trade between India and Chile.

The broadened agreement with Chile seeks to comprise additional sectors, such as digital services, investment promotion and cooperation, MSMEs (micro, small, and medium enterprises), and critical minerals.

Chile's world's largest lithium reserves and huge copper reserves could help India gain access to critical minerals crucial for its electronics, auto, and solar industry.

—IANS

aar/pk

Source: IANS