New Delhi, Oct 7 (IANS) The bilateral trade between India and Qatar, standing at around $14 billion, could be doubled by 2030, with a renewed focus on promising sectors such as electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, and emerging high-tech industries and solar energy, according to Commerce Minister Piyush Goyal.
He also underscored the importance of greater business interactions, and the success of the first face-to-face Joint Business Council meeting in fostering deeper economic ties.
Goyal co-chaired the Qatar–India Joint Commission on Economic and Commercial Cooperation with H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of Qatar.
The event focused on strengthening bilateral trade and investment ties, addressing existing trade barriers and non-tariff challenges, and identifying new opportunities to boost economic cooperation across key sectors.
Both sides reaffirmed their shared commitment to pursuing an ambitious India-Qatar Comprehensive Economic Partnership Agreement. While appreciating Qatar’s energy exports, including the long-term LNG supply agreement of 7.5 million tonnes per year from 2028. Goyal stressed the need to boost India’s exports to Qatar.
A bilateral meeting of commerce and industry ministers of both sides was also held, where both Ministers reviewed the overall trade and economic relationship, addressed existing trade barriers, and explored new areas for cooperation in sectors such as finance, agriculture, healthcare etc.
The two ministers then jointly addressed the India–Qatar Joint Business Council (JBC) meeting, attended by senior representatives from FICCI, CII, ASSOCHAM, and the Qatar Chamber, along with members of the business community from both countries.
Goyal highlighted that despite global economic headwinds and supply chain disruptions, India continues to demonstrate strong macroeconomic stability for a thriving start-up ecosystem creating a highly enabling environment for global businesses and urged the Indian and Qatari business to explore greater opportunities.
On the sidelines of the Joint Commission, he held a series of high-level business meetings with senior Qatari dignitaries and corporate leaders.
These interactions provided an opportunity to discuss avenues for greater investment flows, technology partnerships, and joint ventures between Indian and Qatari enterprises.
The minister also participated in the launch of the Unified Payments Interface (UPI) at Lulu Mall, The Pearl Island, marking a key milestone in India’s digital cooperation with Qatar and enabling seamless digital transactions for the Indian diaspora and local consumers.
“Proud to launch Bharat’s own #UPI at Lulu Hypermarket in Doha, Qatar. This launch is a game-changer for digital connectivity and ease of payments, reflecting India’s commitment to facilitating cross-border commerce and leveraging ‘Digital India’ initiatives. Operational at Qatar National Bank POSs covering large areas of the Qatari market, this initiative will help Indian travellers, further boosting trade and tourism between the two countries,” said Goyal.
—IANS
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