Union Commerce Minister Piyush Goyal stated that India and Qatar aim to double their bilateral trade over the next five years. Trade between the two nations reached $14.15 billion in FY25. The announcement comes as India navigates steep US tariffs affecting its $86.5 billion goods trade with the United States.
Ministerial-Level Talks Strengthen Economic Ties
Earlier in the day, Goyal co-chaired the India–Qatar Joint Commission on Economic and Commercial Cooperation alongside Qatari Minister Sheikh Faisal bin Thani bin Faisal Al Thani. The leaders reviewed overall trade and investment relations, identifying ways to address trade barriers and enhance collaboration across emerging sectors, including finance, agriculture, healthcare, technology, and renewable energy. Both sides expressed commitment to pursuing a Comprehensive Economic Partnership Agreement (CEPA) to deepen economic engagement.
Opportunities for Industry Collaboration
At the India–Qatar Joint Business Council (JBC) meeting, attended by representatives from local industry and the Qatar Chamber, Goyal highlighted India’s resilience amid global economic challenges. He emphasized India’s strong macroeconomic fundamentals, vibrant start-up ecosystem, and favorable business environment, encouraging companies from both nations to explore new partnerships.
Promising sectors for expansion include electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, high-tech manufacturing, and solar energy. Goyal praised the first in-person JBC meeting for enabling direct engagement between Indian and Qatari businesses.
Trade Balance and Energy Cooperation
India currently has a trade deficit of $10.78 billion, primarily due to petroleum imports, which account for 89% of total imports. Both ministers recognized Qatar’s critical role as a long-term energy partner. A new LNG supply agreement of 7.5 million tonnes per year starting 2028 was highlighted as a cornerstone of the bilateral partnership. Goyal emphasized diversifying trade by boosting Indian exports to Qatar alongside energy cooperation.
Investment and Technology Partnerships
On the sidelines of the Joint Commission, Goyal met senior Qatari officials and business leaders to explore investment flows, technology collaborations, and joint ventures between companies in both countries. He also participated in the launch of India’s Unified Payments Interface (UPI) at Lulu Mall, The Pearl Island, marking a milestone in digital cooperation that benefits both the Indian diaspora and local consumers.
Cultural and Environmental Engagement
Goyal paid tribute to Mahatma Gandhi at the Indian Embassy in Doha and planted a sapling under the ‘Ek Ped Maa Ke Naam’ initiative, underscoring India’s commitment to sustainability and environmental stewardship.
Historical Context and Future Outlook
In February 2025, the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani, visited India. During that visit, the joint working group on trade and commerce was elevated to a ministerial-level Joint Commission, creating a structured framework to advance economic dialogue between the two countries.
