A free trade agreement (FTA) between India and Qatar is expected to be signed in the third quarter of next year. Commerce Minister Piyush Goyal announced the move forward after talks with the Qatari Commerce Minister. The two countries aim to double trade over the next five years.

Amid the turmoil caused by the US tariff war in the global economy, a free trade agreement (FTA) between India and Qatar will be finalized in the third quarter of next year. India and Qatar have agreed to move forward on the FTA and will accelerate negotiations related to it.

India's Commerce Minister, Piyush Goyal, on his first visit to Qatar, announced steps toward a free trade agreement between the two countries following his bilateral talks with the Qatari Commerce Minister. The Commerce Minister stated that talks are underway for free trade agreements with Qatar, as well as with several other countries in the Americas, Europe, Africa, and Asia.

Plan to double business in the next five years

Beyond the FTA, India and Qatar have also announced plans to double their trade volume over the next five years. They also shared information about ongoing free trade negotiations with Oman, Chile, Peru, New Zealand, and others. Speaking to reporters here, Piyush Goyal, who is on a visit to Qatar, India's key strategic and trading partner in West Asia, said that the terms of the trade agreement between India and Qatar will be finalized soon.

While the final agreement on the FTA is expected to be completed by mid-2026 or the third quarter, Goyal said Qatar is undoubtedly a trusted friend of India and as per the understanding reached during the talks between Prime Minister Narendra Modi and Qatar's Emir Tamim bin Hamad Al Thani earlier this year, the two countries have set a target to increase their trade from the current annual $14 billion to $30 billion by 2030.

UPI launched in Qatar for retail payments

Qatar is an important trading partner of India within the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). Currently, petroleum and gas products account for approximately 90 percent of India's total imports from Qatar. India's exports to Qatar totaled $1.68 billion, while imports increased to $12.46 billion.

Commerce Minister Piyush Goyal on Monday launched UPI for retail transactions in Doha. The UPI payment system, which was recently launched at Doha Airport Duty Free, was launched at Lulu Mall, a major retail outlet in Doha.

 PC:Jagran