India in advanced talks with Oman for FTA, open to trade deals with other GCC nations: Piyush Goyal
(source : ANI) ( Photo Credit : ani)
India’s Commerce Minister Piyush Goyal brought exciting news from his recent UAE visit, highlighting strong trade ties with Gulf nations. Speaking to the media in Abu Dhabi, Goyal revealed that India is in advanced talks for a Free Trade Agreement (FTA) with Oman, and the doors are wide open for similar deals with other Gulf Cooperation Council (GCC) countries.
“We are at an advanced stage of dialogue with Oman on the FTA, and it should wrap up soon,” Goyal said. “Other countries have shown interest too, and we’re definitely open to FTAs with more GCC nations.” The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE—India’s biggest trading partner bloc.
These FTAs could supercharge cooperation in hot sectors like energy, infrastructure, fintech, logistics, renewable energy, and food security. Official data shows GCC-India bilateral trade hit over USD 154 billion in FY 2021-22, with India’s exports at about USD 44 billion and imports around USD 110 billion. Stripping out oil, non-oil exports stood at USD 33.8 billion and imports at USD 37.2 billion.
Goyal’s trip packed in big moments, including the 13th UAE-India High-Level Joint Task Force on Investments. He co-chaired a roundtable with UAE’s Foreign Trade Minister Dr Thani bin Ahmed Al Zeyoudi, joined by top industry players and the UAE-India Business Council (UIBC). He also met UAE ministers, the Abu Dhabi Chamber of Commerce and Industry, and key business leaders.
On boosting trade, Goyal shared an ambitious goal: “We’ve reset our targets higher, aiming for USD 100 billion in non-oil, non-precious metal bilateral trade with the UAE in the next three years.” UAE investors are buzzing about opportunities in Indian data centres, startups, logistics, and renewable energy, he added.
A highlight was Goyal’s praise for the Bharat Mart project in the UAE, calling it a game-changer for India’s MSMEs and small businesses. “Bharat Mart will help our small players turn into major exporters,” he said. Over 9,000 companies have already signed up, with construction kicking off later this year and operations starting by early 2027.
Goyal wrapped up key meetings with UAE National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan, Investment Minister Mohamed Hassan Al Suwaidi, and G42 CEO Peng Xiao—a tech bigwig in genomics and AI. These talks underscore the growing India-UAE economic partnership and India’s push for stronger GCC trade links.
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
