Business News | Oman FTA to Take Effect from June 1, Chile Deal Possible on Critical Minerals: Piyush Goyal

New Delhi, [India] May 12 (ANI): India's trade agreements with Oman and Chile are progressing steadily, with the Oman Free Trade Agreement likely to come into effect from June 1, 2026, Commerce and Industry Minister Piyush Goyal said on the sidelines of the CII Annual Business Summit 2026 on Tuesday. He added that a deal with Chile could also be finalised if both sides arrive at "innovative solutions" around critical minerals and mining concessions.

"I've had a very good meeting with the Oman team today and most probably the Oman free trade agreement will come into effect from 1st of June 2026," Goyal said, noting that discussions with the Gulf nation have been positive. On Chile, he said he had a constructive meeting with the foreign minister despite "some challenges given the very different size of the economy and different scale of opportunity that both countries offer to each other."

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He expressed optimism that if India and Chile can structure a mutually beneficial arrangement on critical minerals, a trade agreement could follow. "I think if we get a good deal around critical minerals and other important mining concessions, then maybe there's a very good possibility that we should be able to finalise an FTA with Chile too," he said.

Goyal also framed India's economic outlook against the backdrop of global uncertainty, particularly the disruption to trade and investment flows from the war in West Asia. "The war in West Asia has certainly disrupted global trade and global investment flows. And in these trying times, India has a great opportunity to outshine others under Prime Minister Narendra Modi's leadership," he said.

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He underlined India's resilience as a strategic advantage in the current environment. "Our country is respected in the world for resilience, for the collective commitment of 1.4 billion Indians to serve the nation, for our patriotism that we can overcome any international global challenge with great resilience," he said. "The world is going through a challenging time."

Calling for collective action in response to the Prime Minister's appeal for resource conservation and self-reliance, Goyal said the country's scale and unity provide a strong foundation. "I have no doubt in my mind 1.4 billion Indians, 140 crore Indians... Prime Minister Narendra Modi is standing for, We will all rally behind him to strengthen the Indian future," he said.

The Oman FTA, once implemented, is expected to enhance market access and supply chain integration between the two countries, while a potential Chile deal could secure India's access to critical minerals essential for the clean energy transition. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)