India has set an ambitious target of achieving $2 trillion in exports over the next five years, with Commerce and Industry Minister Piyush Goyal announcing that the country is aiming for overall exports worth $1 trillion in FY27.
Speaking at an industry event on Monday, Goyal said India remained a “bright spot” in the global economy despite geopolitical and trade disruptions, including the continuing war in Ukraine, tensions in West Asia, and uncertainty triggered by US tariff measures.
India’s combined exports of goods and services touched an all-time high of $863 billion in FY26, reflecting resilience in external trade amid volatile global conditions. The minister highlighted that India’s expanding network of free trade agreements now covers more than two-thirds of global trade.
Goyal said the recently signed Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is expected to come into effect from June 1, while several other trade agreements are likely to be operationalised later this year after completion of legal formalities.
The India-Oman CEPA, signed on December 18, 2025, provides duty-free access for most Indian exports, including textiles, to the Omani market. Under the agreement, India will receive zero-duty access on 98.08 per cent of Oman’s tariff lines, covering 99.38 per cent of Indian exports by value.
In return, India will reduce duties on around 78 per cent of its tariff lines, accounting for nearly 95 per cent of imports from Oman, while sensitive products will largely be managed through tariff-rate quotas.
Negotiations for the agreement began in November 2023 and concluded in August 2025 after five rounds of discussions. Bilateral trade between India and Oman reached $10.61 billion in 2024-25, marking an 18.6 per cent increase over the previous year.
India has already operationalised trade agreements with the United Arab Emirates, Australia and the European Free Trade Association bloc, while agreements with the European Union and the United Kingdom are expected to come into force later this year.