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Union Commerce and Industry Minister Piyush Goyal on Saturday announced that India's Free Trade Agreement (FTA) with Oman is "almost finalised," and negotiations with several other key global economies, including the European Union, the United States, Peru, and Chile, are progressing rapidly. "We are in negotiations at an advanced stage with Oman. It is almost finalised," Goyal stated.

He also mentioned that the FTAs with the European Union, the USA, Peru and Chile are also making "fast progress". At the press conference, the minister also pointed to a series of successful FTAs concluded with developed nations in recent years, including Mauritius, Australia, and the four-nation European Free Trade Association (EFTA) bloc, comprising Switzerland, Norway, Liechtenstein, and Iceland.

"The Free Trade Agreement between India and the UK, the Comprehensive Economic Trade Agreement, clearly reflects the growing relevance and importance of India on the world stage," Goyal said. "The goods and services that India provides to the world have high quality and cost competitiveness."

The latest addition is the Comprehensive Economic and Trade Agreement (CETA) with the United Kingdom, which the UK Prime Minister Keir Starmer described as one of the most significant deals post-Brexit.

Goyal noted that the agreement is "very comprehensive," covering 30 chapters. During the press conference, Goyal also highlighted the Prime Minister Modi's long-standing tenure and international reputation. "Yesterday, the Prime Minister completed 4,078 days and became the second longest serving Prime Minister continuously in office after Jawaharlal Nehru," he said. "This morning, when I read that the latest international survey has again shown the Prime Minister as the most popular leader in the world."

The much-awaited India-UK Free Trade Agreement was signed on Thursday, in the presence of Prime Ministers Narendra Modi and his British counterpart, Keir Starmer, during PM Modi's two-day visit to the UK.

On May 6, Prime Minister Modi and Prime Minister Starmer announced the successful conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA). This forward-looking Agreement is aligned with India's vision of Viksit Bharat 2047 and complements the growth aspirations of both countries.

Both nations desire to increase their trade to USD 120 billion by 2030. On Thursday, the UK government said that India's average tariff on UK products will drop from 15 per cent to 3 per cent under the India-UK FTA.