India's Expanding Trade Horizons: New FTAs on the Horizon

Commerce and Industry Minister Piyush Goyal announced the imminent finalization of a Free Trade Agreement with Oman and expressed Qatar's interest in negotiating a similar accord. Despite global trade uncertainties, he assured exporters of complete support and highlighted ongoing discussions with stakeholders to diversify exports.

Commerce and Industry Minister Piyush Goyal unveiled plans for India's concrete steps to bolster its trade strategy. Speaking on Friday, he mentioned the nearing finalization of a Free Trade Agreement (FTA) with Oman while revealing Qatar's interest in negotiating an FTA with India. Such agreements are crucial in ensuring India's stronger global trade presence.

Goyal reassured Indian exporters facing current global trade uncertainties, largely caused by unilateral actions of certain nations. He pledged comprehensive government support to navigate these challenges. Collaboration with stakeholders, including Indian Missions abroad, is being prioritized for export diversification.

Highlighting the reforms, Goyal noted that GST changes would uplift domestic consumption. Updates to trade partnerships, especially with the European Union, are progressing swiftly, aiming to elevate India's global trade contribution beyond its current 2% share.

(With inputs from agencies.)