Commerce and Industry Minister Piyush Goyal on Friday (August 29, 2025) said Free Trade Agreement (FTA) with Oman will be finalised soon, and Qatar also wants to negotiate a pact with India.
He also assured exporters of all support to deal with the current global uncertainties at the trade front, which was caused due to unilateral actions of a country.
The government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports, he said.
He added that domestic consumption will get a boost from GST reforms.
“Our exports this year will be higher than last year,” Mr. Goyal said at an event here.
India’s share in global trade is only about 2%, and about 40% of items of the total exports to the U.S. are out of the ambit of 50% tariffs, so the impact will be less.
Free Trade Agreement with Oman “will be finalised soon,” he said, adding “Qatar also wants to do a trade agreement”, and Saudi Arabia is also keen.
Mr. Goyal added that talks with the European Union for a free trade agreement are moving at a faster pace.