India-Oman Free Trade Agreement Set to Launch on June 1, 2026
India-Oman FTA likely to come into force from June 1: Piyush Goyal
The Economic Times
Image: The Economic Times
The free trade agreement (FTA) between India and Oman is expected to take effect on June 1, 2026, as announced by Commerce and Industry Minister Piyush Goyal. The agreement will allow duty-free access for 98% of India's exports to Oman while reducing tariffs on select Omani products.
- 01The India-Oman FTA will come into effect on June 1, 2026.
- 02The agreement provides duty-free access for 98% of Indian exports, including textiles and agricultural products.
- 03India will lower tariffs on Omani goods such as dates and petrochemicals.
- 04Piyush Goyal also discussed challenges in negotiating a trade agreement with Chile.
- 05The bilateral trade between India and Chile shows a decline in exports but a significant increase in imports.
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Commerce and Industry Minister Piyush Goyal announced that the free trade agreement (FTA) between India and Oman is projected to come into force on June 1, 2026. Signed in December 2025, the FTA will enable duty-free access for 98% of India's exports, which include textiles, agricultural products, and leather goods, into Oman. Conversely, India will reduce tariffs on Omani imports such as dates, marbles, and petrochemical products. Goyal also highlighted ongoing discussions with a team from Oman aimed at enhancing trade and investment opportunities. In a related context, he mentioned challenges in negotiating a trade agreement with Chile, emphasizing the need for innovative solutions to bridge economic gaps. The bilateral trade with Chile has seen a 2.46% decline in Indian exports to $1.15 billion in 2024-25, while imports surged by 72% to $2.60 billion.
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The FTA is expected to enhance trade relations, benefiting Indian exporters by providing easier access to the Omani market, which could lead to increased sales and revenue.
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