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In a week's time, chances are high that India and Oman will ink a Free Trade Agreement (FTA) to boost trade and commerce between both countries, Minister of Commerce Piyush Goyal said on Wednesday.
"Oman and India are talking on an FTA, and it may happen in a week," he said while addressing the 'FICCI LEADS' event in New Delhi, adding that efforts will be made to expedite the discussion. The FTA would be under the Comprehensive Economic Partnership Agreement. Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, have been concluded recently. "India wants to be a part of the developed world. We want to work with friendly countries," he said, adding that India wants to engage actively with its trade partners. In the event, he said that "we have aligned interests and we can truly create partnerships." Goyal informed that more FTAs with other countries are also in the offing, and it will take some time. A meeting with the EU Commissioner is scheduled today on different FTAs, the minister added. India's trade deal negotiations gained momentum this week with multiple bilateral engagements underway, including fresh rounds with the European Union (EU). India has, over the past five years, inked several trade deals, including the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into force. The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes. Meanwhile, India is in talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States. (ANI)
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