Union Commerce and Industry Minister Piyush Goyal (file photo)
Commerce and Industry Minister Piyush Goyal said on Tuesday that the Free Trade Agreement (FTA) between India and Oman is expected to come into effect from June 1. This agreement was signed in December 2025. Union Minister Goyal said, today I had a good meeting with the Oman team and there is a possibility that the Oman Free Trade Agreement will be implemented from June 1, 2026. The Oman team has come to India to discuss ways to promote trade and investment.
Duty free access in Oman
Under this agreement, 98 percent of India’s exports including textiles, agricultural products and leather goods will have duty free access to Oman. On the other hand, India will reduce duties on Omani products like dates, marble and petrochemical products. Asked about the meeting with Chile’s Foreign Minister, Goyal said there are challenges given the different sizes of the economies of the two countries and the different scale of opportunities available to each other.
He said, we are trying to bridge this gap through innovative solutions. Goyal said, if we get a good agreement with respect to critical minerals and other important mining concessions, then there is a very good possibility of finalizing the FT with Chile.
trade agreement between india and chile
India and Chile had implemented a Preferential Trade Agreement (PTA) in 2006 and now both the countries are in talks to expand its scope to a Comprehensive Economic Partnership Agreement (CEPA). A number of sectors are to be covered under the CEPA agreement, including digital services, investment promotion and cooperation, MSMEs (Micro, Small and Medium Enterprises) and critical minerals. This agreement can help India access critical minerals, which are key raw materials for electronics, vehicles and solar sectors. According to various reports, Chile has the world’s largest lithium reserves and is a top producer of copper.
