India‘s third-largest GCC export destination is Oman. The United Arab Emirates (UAE), another GCC member, and India already have a trade agreement.
FTA Talks With GCC
On September 19, Piyush Goyal, the minister of commerce, said that the FTA talks are progressing and may soon come to an end. Additionally, he said that India is amenable to agreements with other Gulf Cooperation Council (GCC) nations, so long as they serve the country’s economic objectives.
As of right present, our FTA negotiations with Oman are progressing and should shortly come to an end. During a media appearance in Dubai, Goyal said, “We will be speaking with some other (GCC) countries that have shown interest, and if we have assurance that it would benefit the Indian economy, we are open to FTAs with other GCC countries as well.”
India-Oman CEPA Progress
The Comprehensive Economic Partnership Agreement (CEPA), for which negotiations have been completed, is anticipated to be signed shortly between India and Oman.
In 2024–2025, bilateral commerce between India and Oman reached $10.6 billion, an increase of over 19 percent from the previous year.
Together with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), Piyush Goyal is now in the United Arab Emirates for a two-day visit beginning September 18 to co-chair the 13th India-UAE High Level Task Force on Investments (HLJTFI).
India-UAE Trade Surge
Bilateral non-oil trade reached around $38 billion in the first half of 2025, a 34% increase over the first half of 2024, thanks to the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which went into force in May 2022.
Goyal said on September 19 that “We can reset our objectives to a higher level and look at a non-oil and non-precious metal bilateral commerce of $100 billion in the next three to four years since businesses on both sides have leveraged the FTA between India and the UAE to their benefit.”
“India has accepted the trade deal, however the UK requires approval from the parliament that would take some time,” Goyal said in response to a query about the July-signed free trade agreement between India and the United Kingdom.