New Delhi: Union Minister for Commerce and Industry Piyush Goyal announced on Thursday that India is set to officially implement its Free Trade Agreement (FTA) with Oman starting May 1, 2026. Speaking at a press conference during the World Trade Organization (WTO) meetings, the Minister highlighted this as a major milestone in India’s growing economic footprint in the Gulf region. The deal is expected to provide duty-free access for a wide range of Indian exports, including textiles, electronics, and agricultural products, while strengthening energy and investment ties with the Sultanate.
During the briefing, Goyal also provided an update on the highly anticipated trade negotiations with the United Kingdom. He noted that British officials have expressed significant satisfaction with the progress, specifically commending India for achieving the fastest-ever pace in FTA negotiations. While the final legal scrubbing of the UK-India deal continues, both nations are reportedly working toward a comprehensive agreement that addresses sensitive sectors like professional services, automobiles, and scotch whisky. The Minister emphasized that India’s approach remains focused on “equitable and balanced” trade that protects domestic interests while expanding global market access.
Further expanding on India’s trade roadmap, Commerce Secretary Rajesh Agrawal shared positive developments regarding South Africa. He stated that substantial groundwork for a preferential trade agreement (PTA) has already been completed. According to Agrawal, formal proceedings are expected to commence shortly, which would facilitate easier trade flows between the two major emerging economies within the BRICS framework. This move is seen as a strategic step to deepen India’s economic engagement with the African continent through structured tariff concessions.
The series of announcements underscores the Indian government’s aggressive push to finalize bilateral trade deals amid global economic shifts. By diversifying its trade partners through agreements with Oman, the UK, and South Africa, India aims to mitigate the impact of supply chain disruptions and bolster its manufacturing sector under the “Make in India” initiative. As the May 1 deadline for the Oman FTA approaches, exporters are being urged to prepare for the new regulatory environment that promises to enhance the competitiveness of Indian goods in the Middle East.
