India Nears Oman Trade Pact as Qatar Explores Agreement Talks: Piyush Goyal

Quick Summary

• Commerce and Industry Minister Piyush Goyal announced that a Free Trade Agreement (FTA) with Oman will be finalised soon.
• Qatar has also expressed interest in negotiating an FTA with India, while Saudi Arabia is keen on trade agreements.
• Talks for FTAs with the European Union are progressing rapidly.
• Goyal assured exporters of support to manage global trade uncertainties caused by unilateral actions of a specific contry.
• Indian government is consulting stakeholders and Indian Missions abroad for export diversification.
• Domestic consumption is expected to increase due to GST reforms.
• India’s share in global trade stands at approximately 2%.
• The impact of U.S. tariffs on Indian exports is projected to be minimal, as 40% of exported items fall outside the ambit of current tariffs.

Indian Opinion Analysis
India’s active pursuit of multiple Free Trade Agreements (FTAs) signals its commitment to expanding global economic engagement and boosting export diversification. Finalising the FTA with Oman and initiating talks with Qatar demonstrate India’s strategic push toward strengthening ties in West Asia. Concurrently, progress in negotiations with major trading blocs like the European Union underscores efforts toward deeper integration into global markets.

Despite challenges posed by international trade uncertainties mentioned by Minister Goyal,measures such as exporter support initiatives and enhanced domestic consumption from GST reforms could help stabilize India’s economy amid shifting geopolitical scenarios. Though, achieving notable improvement in India’s 2% share of global trade will require sustained focus on competitiveness and innovation across industries.

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