New Delhi, May 19: India’s Free Trade Agreement (FTA) with Oman is likely to come into force from 1 June, Commerce and Industry Minister Piyush Goyal said on Monday, as the government accelerates efforts to expand exports and strengthen domestic manufacturing.
Speaking at the launch of the Bharatiya Vyapar Mahotsav portal in the national capital, Goyal said India is targeting $1 trillion in combined goods and services exports in the current financial year, with plans to double the figure over the next five years.
The India–Oman FTA, signed in December 2025, will grant duty-free access to about 98% of Indian exports to Oman, covering sectors such as textiles, agriculture, and leather goods. In return, India will reduce tariffs on select imports including dates, marble, and petrochemicals. Bilateral trade between the two countries stood at around $10.5 billion in 2024–25.
The minister said India has finalised trade agreements with nearly 38 developed countries in recent years to improve market access for exporters. He described exports as a “national mission”, noting that India’s total exports reached $863 billion in FY26, reflecting steady growth despite global headwinds.
Goyal also urged industries to focus on reducing import dependence by strengthening domestic manufacturing. He stressed the need for better quality, packaging, and productivity to enhance global competitiveness.
Highlighting sectoral gaps, he pointed to capital goods as an area where India still relies heavily on imports, and encouraged industrial clusters in cities such as Rajkot, Jalandhar, Ludhiana, Batala, and Pune to expand production capacity.
He added that agricultural and fisheries exports have crossed ₹5 trillion, though greater value addition is still required. The minister also called for increased participation from startups, youth, and women entrepreneurs in export-driven industries.
The Bharatiya Vyapar Mahotsav will be held from 12–15 August at Bharat Mandapam in New Delhi, aimed at promoting domestic manufacturing and strengthening India’s export ecosystem.