FTA talks with Oman, NZ in last leg, EU deal near closure: Piyush Goyal

Commerce Minister Piyush Goyal says several key trade pact negotiations are in their final stages

India is in the final phase of free trade agreements (FTAs) with Oman and New Zealand, and hopes to conclude talks with the European Union (EU) soon, Commerce and Industry Minister Piyush Goyal said on Wednesday.

 

Regarding a trade deal with the US, Goyal said the US trade team has been in India since Tuesday and discussions are progressing. “We are moving forward towards a bilateral trade agreement,” he said.

 

The minister also indicated that negotiations for a trade pact with Chile are likely to be wrapped up soon. “Two days ago, the Chilean trade minister was here. We saw good progress, and an FTA with Chile will happen soon… Similarly, our talks with Oman are in the final stages. New Zealand trade minister (Todd McClay) is arriving on Friday, and our discussions with them are also in the last few stages,” Goyal told reporters at Pravasi Rajasthani Divas in Jaipur.

 

According to a commerce department statement, India and Oman launched comprehensive negotiations in November 2023. After three rounds of intensive talks between November 2023 and March 2024, both sides reached agreement on all Comprehensive Economic Partnership Agreement components, including text and market access offers.

 

A Cabinet proposal submitted in March 2024 was deferred, prompting further renegotiations. The fourth round in September 2024 and the fifth round on January 13-14 2025 focused on revised offers. “Following approval of the competent authority, the draft Cabinet note for signing and ratification was circulated to relevant ministries. Both sides are now in the process of securing internal approvals,” the department said in a statement.

 

Goyal added that negotiations for the India–EU trade agreement are progressing, and a broad outline of the pact has been prepared. “The discussions with the EU trade commissioner were very positive. And I am confident that a decision (on the agreement) will happen soon… I can say with certainty that both sides are committed to an early conclusion of the deal. Whether it happens next week or next month, we will wait and watch,” he said.

 

He also said that both India and Israel have appointed new chief negotiators and approved the terms of reference. “We hope that the first phase of the India–Israel FTA will be completed soon,” he said.