ECONOMY
India, Qatar look to double bilateral trade to $28 bn in 5 years, eye FTA
- IBJ Bureau
- Feb 19, 2025
India and Qatar are exploring the possibility of signing a free trade agreement (FTA) in future, and the two nations have set an aim of doubling bilateral trade to $28 billion in the next five years.
“While there are talks going on for the India-Gulf Cooperation FTA, India at a bilateral level with Qatar has decided that we will look at the possibility of an FTA in future,” Arun Kumar Chatterjee, the secretary (CPV and OIA) in the External Affairs Ministry said at a briefing on Tuesday.
The announcement came after Prime Minister Narendra Modi held talks with the Amir of Qatar, Sheikh Tamim bin Hamad al Thani, during his ongoing visit to New Delhi.
Qatar is also a member of the six-nation Gulf Cooperation Council, with which India has been in discussions for the FTA since 2004.
Apart from the FTA, Qatar’s Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal Al Thani said that his country is also ready to take steps to speed up negotiations for a new bilateral investment promotion and investment agreement.
After the bilateral and delegation-level talks between the two leaders, both the sides also signed the Double Taxation Avoidance Agreement and a pact to elevate the relations between the two countries to the strategic partnership.
Total trade between India and Qatar in 2023-24 stood at $14.08 billion, with India’s exports at $1.7 billion and imports at $12.3 billion. India’s imports from Qatar include LNG, LPG, chemicals, petrochemicals, plastics and aluminium articles. India’s exports to Qatar include cereals, copper, iron and steel, vegetables, fruits, spices and processed food products, electrical and other machinery, plastic products, construction material, textiles and garments, chemicals, precious stones and rubber. Qatar is the largest supplier of LNG and LPG to India.
Report By
View Reporter News