India and Oman are nearing the conclusion of a Free Trade Agreement (FTA) that is expected to improve market access for Indian exporters in Oman and the wider Gulf region, according to Union Minister of Commerce and Industry Piyush Goyal. The proposed agreement is aimed at reducing or eliminating tariffs, thereby lowering trade barriers and enhancing the competitiveness of Indian products.
Sectors such as textiles and automobiles are expected to be among the key beneficiaries of the agreement. Textiles account for a significant share of India’s export basket, and preferential tariff access under the FTA would allow Indian textile manufacturers to offer products in the Omani market at more competitive prices. Automobile and other high-value exports are also expected to gain from improved access.
The proposed FTA is aligned with India’s broader strategy of diversifying trade partnerships and strengthening economic engagement with West Asia. It is intended to support export market diversification, policy reforms, and India’s integration into global value chains.
In addition to trade in goods, the agreement is expected to enhance bilateral cooperation across areas such as logistics, standards alignment, services trade, and investment facilitation. The government has indicated that the FTA could help strengthen economic linkages, expand export opportunities for Indian businesses, and improve the resilience of India’s external sector.
Summary:
India and Oman are close to finalising a Free Trade Agreement aimed at reducing trade barriers and improving market access for Indian exporters. The pact is expected to benefit sectors such as textiles and automobiles while supporting India’s efforts to diversify export markets and deepen economic ties with West Asia.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Investments in securities markets are subject to market risks. Please read all related documents carefully before investing.