India-Oman FTA might be effective from June 1: Piyush Goyal
What's the story
India's free trade agreement (FTA) with Oman should come into effect from June 1, Commerce Minister Piyush Goyal announced today. The minister also said that other FTAs are likely to be implemented this year after legal ratification. To note, India is aiming for exports worth $2 trillion in the next five years. In FY26, the country's total exports, including services, reached a record high of $863 billion.
Trade agreement
CEPA signed in December last year
The Comprehensive Economic Partnership Agreement between India and Oman was signed on December 18, 2025. The agreement gives most Indian exports, including textiles, duty-free access to Oman. It provides India zero-duty access on 98.08% of Oman's tariff lines, covering 99.38% of Indian exports by value.
Duty reduction
India will reduce duties on about 78% of tariff lines
Under the CEPA, India will reduce duties on about 78% of its tariff lines. This will cover nearly 95% of imports from Oman. Sensitive products will be given access mainly through tariff-rate quotas. The agreement was negotiated over five rounds, starting in November 2023 and finally concluding in August 2025.
Trade growth
Trade with Oman grew by over 18% in FY25
The total trade between India and Oman stood at $10.61 billion in 2024-25, registering an 18.6% year-on-year growth. In recent years, India has operationalized trade agreements with the United Arab Emirates (UAE), Australia, and the European Free Trade Association (EFTA) bloc.