New Delhi, May 18: Union Commerce Minister Piyush Goyal announced on Monday that India has set an ambitious export target of $2 trillion over the next five years, with a specific goal of reaching $1 trillion by the fiscal year 2027.
Despite uncertainties in global markets due to U.S. tariff disputes and geopolitical tensions, India’s total goods and services exports surged to an all-time high of $863 billion in FY 2026.
Addressing an event in the national capital, the minister highlighted that India remains a bright spot amid global geopolitical and economic uncertainties stemming from the Ukraine conflict and tensions in the Middle East.
Goyal noted that India’s Free Trade Agreements (FTAs) now cover more than two-thirds of global trade. He also mentioned that the FTA with Oman is expected to take effect on June 1, with other signed agreements likely to be implemented later this year after completing legal processes.
On December 18, 2025, India and Oman signed a Comprehensive Economic Partnership Agreement (CEPA), granting duty-free access to most Indian exports, including textiles. Under the CEPA, India will receive zero-duty access on 98.08% of Oman’s tariff lines, covering 99.38% of Indian exports by value.
India will reduce tariffs on approximately 78% of its tariff lines, which will cover about 95% of imports from Oman, with sensitive products primarily receiving access through tariff-rate quotas.
Negotiations for the FTA began in November 2023 and concluded successfully after five rounds in August 2025. The total trade volume between India and Oman is projected to reach $10.61 billion in 2024-25, reflecting an 18.6% increase from the previous year.
India has already implemented trade agreements with the United Arab Emirates, Australia, and the European Free Trade Association (EFTA) bloc, while agreements with the European Union and the United Kingdom are expected to come into effect this year.
Goyal stated, “Other FTAs currently undergoing legal confirmation will also be implemented soon.”
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