Trade agreement with Oman likely in a few weeks: Piyush Goyal
September 10, 2025
Negotiations for trade deal with EU on fast track
• Resilience in India’s supply chains, ability to navigate volatility and cooperation among like-minded nations to define our success story
NEW DELHI, 10 September 2025: Mr Piyush Goyal, Minister of Commerce & Industry, Govt of India today said that India wants to be a part of the developed world. It wants to work with friendly countries and engage actively with nations with whom we share aligned interests, where we can truly create partnerships that are enduring, sustainable, and a win-win for both sides.
Addressing the FICCI LEADS 2025, Mr Goyal added that India has signed trade agreements with a number of countries. He further added that the trade negotiations with the European Union is also on fast track and will be concluded soon. These countries have committed to invest over $100 billion in the next 15 years in sectors like manufacturing, innovation, services, etc. The Minister also stated that the trade agreement with Oman is in progress and is likely to be concluded in the next few weeks.
He also said that the government is in talks with the United States for a bilateral trade agreement. “In today’s world, resilience in our supply chains, our ability to navigate uncertainty and volatility, and to prepare for a future built on partnerships, collaborations, and cooperation among like-minded nations will define our success story,” emphasized Mr Goyal.
He added that India is one of the fastest growing large economies and will continue to be for coming decades backed by young aspirational Indians. Minister Goyal highlighted 3 key areas for India’s strong growth story which include India’s ability to convert crisis into opportunities: India’s inclusive approach for economic development along with action-oriented approach by the government.
HE Mr Pankaj Khimji, Foreign Trade and International Cooperation Adviser, Ministry of Commerce, Industry and Investment Promotion, Sultanate of Oman said, “Tariffs, duties, excise are not the real barriers, non-tariff barriers are the real barriers that deals with standards, specifications, exemptions. We need to be mindful of those NTBs as we are of Tariff barriers.”
Mr Francisco Cervantes Diaz, President, Business Coordination Council (CCE), Mexico said, “The economic partnership between Mexico & India continues to gain relevance. Our trade flows show strong complementarity, with opportunities to expand into new sectors.”
Mr John WH Denton, Secretary General, International Chamber of Commerce (ICC), Paris said, “Chambers of commerce, governments, and businesses must collaborate closely to cut unnecessary trade costs and empower MSMEs. These steps do not require WTO reform; they require determination and the right systems to be put into practice.”
Mr Harsha Vardhan Agarwal, President, FICCI said, “Today, resilience is the new currency of global trade. Resilience built on adaptability, diversification, and trust.”
Mr Vijay Sankar, Vice President, FICCI said, “Today at FICCI LEADS, we witnessed an engaging exchange of ideas on how businesses and governments can navigate uncertainty in global trade while fostering resilience, trust, and enduring partnerships.”
H.E. Philip Green OAM, High Commissioner, Australian High Commission in India, Mr. Richard Heald, Chair, UK India Business Council, Mr Ashok Rajani, MD and Partner, BCG also shared their perspective during the session. Mr Parikshit Luthra, Editor & Chief of Bureau, CNBC-TV 18 moderated the session.
FICCI-BCG report on ‘Global Value Chains in Supply Chain’ was released during the event.
FICCI Media Division
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