FTA momentum: Piyush Goyal confirms Oman deal ‘almost finalised'; talks with EU, US & others also moving fast
confirmed on Saturday.
He also noted that negotiations with the European Union, United States, Peru, and Chile are progressing rapidly and making 'fast progress'.
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'We are in negotiations at an advanced stage with Oman.
It is almost finalised,' said Goyal, as per news agency ANI.
A
t a press conference, Goyal highlighted India's recent track record in concluding major trade agreements with developed economies. These include FTAs with Mauritius, Australia, and the four-nation European Free Trade Association (EFTA) bloc — Switzerland, Norway, Liechtenstein, and Iceland.
He also spoke about the recently signed India-UK Comprehensive Economic and Trade Agreement (CETA), calling it 'very comprehensive,' with 30 chapters. The agreement, signed during Prime Minister Narendra Modi's two-day visit to the UK, is aimed at enhancing trade flows and deepening economic cooperation.
According to the UK government, India's average tariffs on UK goods will drop from 15% to 3% under the new FTA, potentially boosting bilateral trade to $120 billion by 2030.
"The goods and services that India provides to the world have high quality and cost competitiveness," Goyal said. He added that these FTAs underscore India's rising importance on the global economic stage.
Regarding the proposed trade pact with the US, Goyal said discussions are progressing fast, with the next round of talks expected in August.
As per news agency PTI, the two countries aim to finalise the first tranche of their bilateral trade agreement by fall, targeting a trade volume of $500 billion — more than double the current figure of $191 billion.
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However, trade negotiations with the US involve complex issues, particularly around agricultural and dairy products, where India has so far resisted granting duty concessions. India is also pressing for reduced tariffs on steel, aluminium, automobiles, and a range of labour-intensive sectors like textiles, gems and jewellery, and chemicals.
Goyal emphasised that the government's goal is to 'expand frontiers of India's international trade' and strengthen investor confidence. 'Each [FTA] is getting its requisite attention,' he added, pointing to parallel talks with countries like New Zealand and Chile.
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