India nears FTA with Oman, open to trade deals with more GCC nations, says Piyush Goyal

Union Minister Piyush Goyal

Commerce Minister Piyush Goyal on September 19 said that discussions for a free trade agreement (FTA) are in an advanced stage and could conclude soon. He also indicated that India is open to deals with other Gulf Cooperation Council (GCC) countries, provided they align with the nation's economic interests.

"As of now we are at an advanced stage of dialogue with Oman (on FTA), which should conclude soon. Some other (GCC) countries have shown interest, we will be talking to them, and if we get confidence that it will be good for the Indian economy, we are open to FTAs with other GCC countries too," Goyal said during a media interaction in Dubai.

India and Oman is expected to soon sign the Comprehensive Economic Partnership Agreement (CEPA), talks for which have concluded.

Bilateral trade between India and Oman stood at $10.6 billion in 2024-25, up nearly 19 percent on-year.

Oman is India’s third-largest export destination within the GCC. India already has a trade deal with another GCC member - the United Arab Emirates (UAE).

Piyush Goyal, is presently on a two-day visit to the UAE from September 18 to co-chair the 13th India-UAE High Level Task Force on Investments (HLJTFI) along with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).

The India-UAE Comprehensive Economic Partnership Agreement (CEPA) that came into effect in May 2022 saw bilateral non-oil trade reached nearly $38 billion in the first half of 2025, a 34 percent increase compared to the first half of 2024.

"Businesses on both sides have used the FTA between India and UAE to their advantage allowing us to reset our ambitions to a higher level and look at a non-oil and non-precious metal bilateral trade of $100 billion in the next three to four years," Goyal said on September 19.

Responding to a question around the FTA between India and United Kingdom, which was signed in July, Goyal said, "India has approved the trade deal, while the UK needs approval from the parliament that will take some time."