Abu Dhabi [UAE], September 19 : Union Minister of Commerce and Industry Piyush Goyal on Friday said that India is in the advanced stage of negotiating a Free Trade Agreement (FTA) with Oman, and is surely open to similar trade partnerships with other Gulf Cooperation Council (GCC) countries.
Speaking to the media during his visit to the United Arab Emirates (UAE), where the Minister attended the 13th meeting of the UAE-India High-Level Joint Task Force on Investments, he said, "As of now, we are at an advanced stage of dialogue with Oman (on FTA), which should conclude soon. Some of the other countries have expressed an interest. Surely we are open to free trade agreements with other GCC (Gulf Cooperation Council) countries."
The GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, is one of India's largest trading blocs. FTAs with these countries are expected to accelerate collaboration in key sectors, including energy, infrastructure, fintech, logistics, renewable energy, and food security.
According to the official data, GCC countries are currently India's largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion, with exports valued at approximately USD 44 billion and imports of around USD 110 billion (non-oil exports of USD 33.8 billion and non-oil imports of USD 37.2 billion).
Goyal's visit included participation in the 13th High-Level Task Force on Investments, followed by multiple engagements with UAE government ministers, the Abu Dhabi Chamber of Commerce and Industry, and top business leaders. During his visit, the Minister said that he co-chaired a roundtable with Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, which featured high-level industry participation and the UAE-India Business Council (UIBC).
Speaking about the trade partnerships between the two sides, Goyal said, "We have been able to reset our ambition to much higher levels and look at a non-oil, non-precious metal bilateral trade of USD 100 billion now in the next three years."
Goyal also acknowledged significant interest from UAE investors in Indian data centres, startups, logistics, and renewable energy.
Going described the Bharat Mart project in the UAE as a transformative step for Indian small businesses.
"Bharat Mart is truly going to be a game changer in terms of our MSME sectors, our small businesses, getting an opportunity to become large exporters," he stressed.
He added that over 9,000 companies have already expressed interest in joining Bharat Mart. Construction is expected to begin later this year, with operations commencing by early 2027.
Among his key meetings were discussions with Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's National Security Advisor, and other senior leaders responsible for economic affairs, the Union Minister said.
Goyal also met the UAE's Minister of Investment, Mohamed Hassan Al Suwaidi, and held discussions with tech industry leader Peng Xiao, CEO of G42, known for their work in genomics and artificial intelligence.