JAIPUR, Dec 10: Commerce and Industry Minister Piyush Goyal on Wednesday said negotiations for free trade agreements with Oman and New Zealand are in their last phase, and both are expected to be concluded soon.
He also indicated that negotiations for a trade pact with South American nation Chile will also be concluded soon.
The talks for a pact with Oman are in the last leg, he said, adding that New Zealand Trade Minister Todd McClay is visiting New Delhi on Friday for FTA negotiations, as that are also reaching the last phase.
Meanwhile, the Commerce ministry in a statement said after three rounds of intensive negotiations (November 2023-March 2024), both sides reached an agreement on all CEPA (comprehensive economic partnership agreement) components, including text and market access offers.
A Cabinet proposal submitted in March 2024 was deferred, prompting further renegotiations, it said.
The fourth round (September 2024) and fifth round (13-14 January 2025) focused on revised offers.
“Following approval of the competent authority, the Draft Cabinet Note for signing and ratification was circulated to relevant ministries. Both sides are now in the process of securing internal approvals,” it added.
On a trade agreement with Israel, Goyal said recently he held a meeting with Israeli Economy and Industry Minister Nir Barkat, and both sides have appointed their chief negotiators for the proposed pact.
Last month in Tel Aviv, the two countries inked terms of reference (ToR) to formally launch negotiations for the agreement.
“We hope that the first phase will happen with Israel,” he told reporters here.
Goyal was here to participate in the Pravasi Rajasthani Divas.
He added that in the last few days, “we have held” a series of meetings with leaders of different countries on trade-related issues.
“India has become an attractive destination for trade and global investors. Several countries are keen to have trade pacts with India,” he added.
The ministry also said India and Israel have been negotiating an FTA since 2010, completing ten rounds covering 280 tariff lines or product categories.
Although both sides agreed in October 2021 to relaunch the negotiations, progress stalled due to Israel’s reluctance to provide the meaningful services market access sought by India, particularly regarding the temporary movement of IT professionals and highly skilled workers.
“Negotiations have since been revived, and in November 2025, India and Israel signed the Terms of Reference for the proposed FTA, paving the way for the formal resumption of discussions,” it said.
Further, it said the India-Maldives FTA terms of reference (ToR) for a trade pact were signed on July 3, 2025, in Male.
The ToR sets the framework and scope for the upcoming FTA negotiations.
Negotiations have been launched for the agreement.
India and Qatar, too, are finalising a ToR to launch talks for a free trade pact.
A similar exercise is also underway between India and the Gulf Cooperation Council (GCC). (PTI)
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