Commerce and Industries Minister, Piyush Goyal, informed on Tuesday that India is making significant progress in concluding trade agreements with countries like Oman and Chile. While the free trade agreement with Oman may commence on 1st June, 2026, the signing of an agreement on critical minerals with Chile might become possible if both sides come up with innovative approaches to the issue.

Goyal noted that the talks with Oman had been highly successful. The minister expressed optimism that if India reaches an agreement with Chile regarding critical minerals, India would conclude a trade agreement with Chile. Besides, the minister also spoke about India’s economic situation amid global instability.

He stated that the war in West Asia has disrupted global trade and investment flows. In these challenging times, India, under the leadership of Prime Minister Narendra Modi, has a significant opportunity to outperform others. He described India's resilience as a strategic advantage in the current environment. India is respected for the collective commitment of its 1.4 billion people. Goyal stated that the country's strength and unity provide a strong foundation. He also urged collective action to heed the Prime Minister's call for resource conservation and self-reliance.

Once implemented, the Oman Free Trade Agreement will improve market access and supply chain integration between the two countries. This will strengthen India’s trade relations and accelerate economic growth. A potential agreement with Chile could secure India’s access to critical minerals for a clean energy transition. This will help meet the country’s industrial needs and enhance energy security for the future.

Goyal stated that India is respected globally for its resilience and the collective commitment of 1.4 billion Indians to national service. He emphasized that the country is capable of facing any international challenge. The minister said that 1.4 billion Indians stand with Prime Minister Narendra Modi. We will all unite behind him to strengthen India's future and take the country to new heights.