Union Commerce and Industry Minister Piyush Goyal on Thursday said India will implement its Free Trade Agreement (FTA) with Oman from May 1, signalling a push to expand trade ties amid ongoing global economic uncertainties.
Speaking at the World Trade Organization (WTO) ministerial engagements, Goyal highlighted India’s recent trade progress and ongoing negotiations with key global partners.
Goyal said discussions with the United Kingdom have been positive, with British officials expressing satisfaction over what he described as the fastest-ever FTA agreement concluded by India.
On engagement with South Africa, Commerce Secretary Rajesh Agrawal said substantial groundwork has been completed and a preferential trade agreement is expected to commence soon.
“With Canada, we will be having a joint session to expand trade and commerce. The ministry is working to explore the prospects. We will send a business delegation to Canada and aim to bring more investments to India in the field of trade and business expansion,” Goyal said.
India in ‘sweet spot’, seeks better market access
Goyal asserted that India is currently in a “sweet spot” in global trade and investment flows. “Our relations are robust in technology and trade. We have secured the best deals among our competitors and are currently in a sweet spot,” he said.
He added that India is seeking greater preferential access in global markets. “We need to secure greater preferential access, as we are currently at around 10%,” he said.
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The minister also noted that ongoing discussions on an e-commerce agreement are aimed at providing greater certainty for businesses, with negotiations continuing with multiple countries.
War impact and supply resilience
Referring to the ongoing West Asia conflict, Goyal said it has adversely impacted the global economy but India remains resilient on key fronts.
“Everyone has expressed concern as it is hurting the global economy, especially innocent lives. India’s stand has been appreciated by all,” he said.
He added that the government is working to ensure minimal disruption to businesses and consumers. “India will ensure minimum disruption to businessmen and the common man… it is important to protect India’s interests at the WTO,” Goyal said.
On energy and food security, he maintained that supplies remain stable. “India remains resilient on food security, with energy supplies stable and no shortage of gas. New shipments are arriving, ensuring pipeline security in the future,” he said.
In his concluding remarks, he said public trust in governance depends on the conduct of officials at all levels. “Whatever we do… we must safeguard that trust, it is the foundation of our democracy,” he said.
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