Union Commerce and Industry Minister Piyush Goyal announced that the India-Oman free trade agreement, inked in December 2025, is set to be operational from June 1, 2026. A delegation from Oman is currently in India to enhance trade and investments. Under this agreement, 98% of India’s exports to Oman will enjoy duty-free access, including textiles, agricultural products, and leather goods.
In return, India will lower tariffs on Omani goods like dates, marbles, and petrochemical products. Minister Goyal highlighted the challenges arising from the differing sizes and opportunities of the Indian and Chilean economies during discussions with the Chilean foreign minister. Efforts are underway to address these disparities through innovative solutions, aiming to potentially finalize a Free Trade Agreement with Chile, particularly focusing on critical minerals and mining concessions.
India and Chile are in talks to expand a 2006 Preferential Trade Agreement into a Comprehensive Economic Partnership Agreement. This enhanced agreement aims to cover new areas such as digital services, investment facilitation, cooperation in MSMEs, and critical minerals. Chile’s significant lithium and copper reserves could be crucial for India’s electronics, automotive, and solar industries.
