India on the Cusp of Major Trade Advancements with Oman FTA

India is poised to strengthen its economic ties with Oman through a Free Trade Agreement (FTA) anticipated to be finalized in the coming week, according to Commerce Minister Piyush Goyal. Speaking at the 'FICCI LEADS' event in New Delhi, Goyal expressed confidence in the potential deal, which aims to enhance trade and economic collaboration between the two nations.

The FTA will form part of the Comprehensive Economic Partnership Agreement, with negotiations that began in 2023 recently reaching a conclusion. Goyal emphasized India's aspiration to join the ranks of developed nations by fostering partnerships with friendly countries, underscoring that aligned interests could lead to significant collaborations.

In addition to the imminent deal with Oman, Goyal indicated that several other FTAs are in the pipeline, including discussions with the European Union and other global partners. India's trade negotiation efforts have intensified, with recent milestones including agreements with Mauritius, the UAE, Australia, and others, as the nation seeks to expand its global trade footprint.

(With inputs from agencies.)