India to soon conclude FTAs with Oman, New Zealand, says trade minister
This story was originally published at 21:22 IST on 22 August 2025
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NEW DELHI – India is likely to conclude trade agreements with Oman and New Zealand in the next few months, Commerce Minister Piyush Goyal said Friday. The free-trade agreement between India and Oman should be concluded by next month and the pact with New Zealand should be over in the next "couple of months", Goyal said at the World Leaders Forum organised by The Economic Times.
India and Oman have already concluded negotiations for the trade pact, Commerce Secretary Sunil Barthwal had said earlier this month. The two sides will sign the deal very soon, Barthwal said on Aug. 14. India started negotiations for a free trade agreement with Oman in 2023.
After the United Arab Emirates, Oman would be the second country from the Gulf Cooperation Council to have a free trade agreement with India. Oman had a total trade of $10.96 billion with India in 2024-25 (Apr-Mar), which included Indian exports worth $4.41 billion.
New Zealand and India restarted talks on a free trade agreement in March, a decade after the first round of negotiations fell through. The two sides have held two rounds of talks already and the third round is scheduled in September.
On the trade agreement talks with the European Union, Goyal said the two sides have made rapid progress. India and the European Union are expected to hold the next round of negotiations for the proposed free trade agreement in September, Informist had reported in July quoting a commerce ministry official. The two sides have set a target to close the trade agreement by December.
"There are certain non-tariff barrier issues on both, which are under consideration and discussion," Goyal said. "I have always held a very clear vision in trade deals, I have to protect the national interest, I have to protect sensitive sectors."
India is also negotiating trade agreements with Chile and Peru, who are putting a "lot of bandwidth" in the talks, Goyal said, adding that India doesn't have the same bandwidth right now as it negotiating pacts with multiple countries.
On the US, Goyal said India-US relationship is very consequential and very important for both countries. The Indian industry is not worried about the tariffs, Goyal said. The US has imposed a 25% tariff on imports from India, which will rise to 50% on Aug. 27. End
US$1 = INR 87.53
Reported by Shubham Rana
Edited by Ashish Shirke
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