Union Minister for Commerce and Industry Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some good news may come very soon.
File Photo (IANS)
Union Minister for Commerce and Industry Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some good news may come very soon.
Talking about such agreements, Goyal said these FTAs do not just promote trade in goods and services, but also strengthen the supply chain, and bring confidence in businesses of both sides about stable policies, and predictability.
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“So in a way, it’s a big message when you conclude a FTA,” he added.
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When asked if India could see further domestic reforms as a result of these agreements, the minister said FTA stands on their own footing and have no relationship to “our own” domestic efforts to make the country more attractive.
“I think you will see some good news very soon on the Oman FTA,” the minister told reporters.
“These agreements are more towards opening markets on both sides which lead to greater competitiveness, improved productivity and efficiency in all processes,” he said.
Piyush Goyal is in Oman on an official visit to hold talks with French leaders and businesses to boost trade and investments. He will also attend a mini-ministerial meeting of the World Trade Organization (WTO) on June 3.
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