The India-Oman free trade agreement (FTA) is likely to come into force on June 1, Commerce & Industry Minister Piyush Goyal has said. But certain issues remained to be resolved in the India-Chile FTA negotiations, he added.
On the effects of the ongoing war in Iran on the Indian economy, the Minister said India had consistently turned crises into opportunities. “The current global situation should be viewed as a wake-up call for India to become more efficient, productive and self-reliant..The world is going through a challenging time. India has a great opportunity to outshine others,” the Minister said on Tuesday at the CII Annual Summit.
On the current status of India’s proposed FTAs, the Minister said the one with Oman was likely very soon. “I have had a good meeting with Oman team today and most probably the Oman free trade agreement will come into effect from June 1, 2026,” Goyal told reporters on the sidelines of the CII event.
Once the India-Oman FTA is implemented, about 98 per cent of India’s exports will face zero duties in the country. Items such as textiles, leather items, engineering goods, chemicals, pharmaceuticals and food & marine products are set to benefit.
There are, however, challenges to be ironed out in the India-Chile FTA talks. “I met the Chilean Foreign Minister here. There are challenges given the different size of the economies and different scale of opportunities that both countries offer to each other…We are trying to bridge that gap through innovative solutions,” Goyal said.
A deal on critical minerals is crucial for India in its pact with Chile which holds the world’s largest lithium reserves. “If we get a good deal around critical minerals and other important mining concessions then may be there is some very good possibility that we should be able to finalise an FTA with Chile,” he said.
In his address at the event, the Minister stressed the need for the Indian industry to support one another and said collective growth of Indian industry would strengthen the country’s future.
Goyal said the industry must work towards achieving the target of $2 trillion exports over the next five to six years. He added that the target was achievable with annual export growth of around 15 per cent. Sectors across the economy, including automobiles, steel and start-ups, have the potential to drive this growth through innovation, competitiveness and expansion into global markets, Goyal said.
Published on May 12, 2026