New Delhi, May 12: Union Commerce and Industry Minister Piyush Goyal announced on Tuesday that the Free Trade Agreement (FTA) between India and Oman, signed in December 2025, is expected to take effect on June 1, 2026.
According to various reports, the minister stated, “I had a productive meeting today with my team from Oman, and there is a strong possibility that the free trade agreement with Oman will be effective from June 1, 2026.”
A delegation from Oman is currently in India to discuss ways to enhance trade and investment. Once the FTA is implemented, 98% of India’s exports will gain duty-free access to Oman, covering textiles, agricultural products, and leather goods.
In return, India will reduce import duties on Oman’s dates, marble, and petrochemical products.
Goyal also commented on a meeting with the Chilean Foreign Minister, noting that challenges exist due to the size and diversity of the economies of both countries. He said, “We are trying to bridge this gap through new and innovative solutions. If we can secure a good agreement regarding critical minerals and other essential mining concessions, there is a good chance to finalize the FTA with Chile.”
India and Chile are currently negotiating to expand their 2006 Preferential Trade Agreement (PTA) into a Comprehensive Economic Partnership Agreement (CEPA), aimed at boosting limited trade between the two nations.
The proposed extended agreement with Chile plans to include additional sectors such as digital services, investment incentives, MSME collaboration, and critical minerals.
Reports indicate that Chile possesses the world’s largest lithium reserves and significant copper reserves, which could help India access essential minerals needed for its electronics, automobile, and solar industries.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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