India is on the cusp of finalizing a Free Trade Agreement (FTA) with Oman, with Commerce and Industry Minister Piyush Goyal signaling that the deal could be announced soon.
Speaking to journalists during his official visit to France, Goyal said, “You can expect good news very soon on the Oman FTA.” His remarks point to substantial progress in the negotiations that began in November 2023.
The Minister’s trip to France focuses on enhancing trade and investment opportunities, and he is also scheduled to participate in a high-level ministerial meeting at the World Trade Organization (WTO) on Tuesday.
India and Oman have been actively engaging on multiple fronts to deepen economic ties. Earlier this year, Goyal visited Oman from January 27–28, where he co-chaired the 11th India-Oman Joint Commission Meeting with his Omani counterpart, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion.
The two leaders held extensive talks on strengthening collaboration across various sectors, including trade, renewable energy, technology, food security, and investment. A central agenda item was the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which has reached the advanced stages of negotiation.
Both sides expressed commitment to fast-tracking discussions to finalize the CEPA, which is expected to open new avenues for growth in two-way trade and long-term strategic investments. Goyal described the agreement as a potential “milestone” in bilateral relations.
In a significant step toward fostering stronger economic cooperation, India and Oman also signed a Protocol to amend the Double Taxation Avoidance Agreement (DTAA) during Goyal’s visit. The amendment aligns the agreement with international tax standards and is expected to simplify cross-border taxation, enhance transparency, and promote deeper tax collaboration.
Oman is already one of India’s most important trade partners in the Gulf region. In FY 2024–25, bilateral trade stood at approximately $10.5 billion, with India exporting goods worth $4 billion and importing $6.54 billion. As India looks to expand its footprint in the Gulf and strengthen ties with GCC nations, the anticipated FTA with Oman could be a strategic catalyst, ushering in a new era of economic diplomacy and regional integration.
