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Informist, Monday, Jun. 1, 2026

 

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--Oman ambassador: To work with India on solar cells, solar panel production
--Trade secy: Need to leverage potential of FTA with Oman
--Trade minister: FTA to add new momentum to ties with Oman
--Trade minister: Aim $1 tln export in current year, $2 tln export in 5 yrs
--Trade minister:Negotiating FTA with Israel, Chile, Canada, GCC block, Peru 
--Trade minister: Oman FTA likely to speed up negotiations with GCC 

 

NEW DELHI – India's free trade agreement with Oman, which came into effect Monday, will add new momentum to ties with Gulf nation, Commerce Minister Piyush Goyal said. This trade agreeement will also help India speed up negotiations with the Gulf Cooperation Council, Goyal told reporters.

 

Under the India–Oman Comprehensive Economic Partnership Agreement, signed on Dec. 18, New Delhi gets duty-free access to 99.38% of exports to the West Asian nation. New Delhi, on the other hand, has offered tariff liberalisation on 77.79% tariff lines, accounting for 94.81% of Oman's exports to India.

 

The agreement will reinforce India–Oman ties and build on growing bilateral trade, which reached $11.18 billion in FY26. Addressing the media, Commerce Secretary Rajesh Agrawal said India needs to leverage potential of the trade pact with Oman.

 

Not only will the trade pact boost ties between India and Oman, it will also help with negotiations with the Gulf Cooperation Council, a six-member West Asian trade bloc, with which India launched formal negotiations for a comprehensive trade deal on Feb. 24.

 

India has signed several trade pacts in recent years, including with the UK and European Union. New Delhi is also negotiating trade agreements with Israel, Chile, Canada, and Peru, Goyal said. 

 

The trade minister also reiterated that India aims to export goods worth $1 trillion in the current financial year and $2 trillion in the next five years. India exported goods worth $863 billion in FY26.

 

Oman is looking to work with India in the solar sector, including production of solar cells and solar panel, with the roll-out of this trade pact, said Ambassador of Oman to India H.E. Issa Saleh Abdullah Alshibani.  End

 

US$1 = INR 94.99

 

Reported by Sagar Sen

Written by Shweta and Shubham Rana

Edited by Avishek Dutta

 

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