India-Oman Free Trade Deal May Kick In From June: Piyush Goyal

While the crisis in West Asia is not showing any signs of abatement, India is set to implement a trade deal signed with one of its most crucial partners in the region.

The free trade agreement between India and Oman is expected to take effect from June 1, according to a report by Moneycontrol citing Union Commerce Minister Piyush Goyal on Monday.

The minister expressed hope that other trade deals signed with various countries would also come into effect this year.

“Other FTAs will also start kicking in, which are going through legal ratification,” Goyal said.

According to Goyal, India remains an attractive market for trade and investment despite the geopolitical uncertainty faced by the whole world due to the Russia-Ukraine war and the US-Israel-Iran conflict.

The Commerce Minister said that the country was targeting exports of $2 trillion over the next five years. The export target for this financial year is pegged at $1 trillion.

India and Oman had trade worth about $10.61 billion in FY25. This was a growth of 18.6 percent on a year-on-year basis.

India and Oman had signed a Comprehensive Economic Partnership Agreement (CEPA) on December 18 last year. India was able to secure duty-free access for most of its export products, such as textiles.

Under the trade deal, Indian exports worth 99.38 percent in value, or 98.08 percent of Oman’s tariff lines, have been given zero-duty access into the Gulf country.

In return, India agreed to cut duties on 78 percent of its tariff lines. This amounts to duty-free access for about 95 percent of imports from Oman.

The trade agreement between the two countries took almost two years of discussions.

The bilateral talks started in November 2023 and concluded in August 2025, including five rounds of negotiations.

Recently, the government has signed trade agreements with various countries, including the United Arab Emirates, Australia, and the European Free Trade Association bloc.