India and Qatar intention to double their bilateral commerce within the subsequent 5 years, Union commerce minister Piyush Goyal stated, at a time when New Delhi is dealing with steep US tariffs. Commerce between the 2 nations stood at $14.15 billion in FY25.
Earlier within the day, Goyal co-chaired the India–Qatar Joint Fee on Financial and Business Cooperation together with his Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani. India is within the means of widening its export basket after the US tariffs solid a cloud over its $86.5 billion items commerce with the world’s largest economic system.
The 2 leaders reviewed the general commerce and funding relationship and mentioned measures to deal with current commerce boundaries and improve cooperation throughout rising sectors, together with finance, agriculture, healthcare, know-how, and renewable vitality. Either side reaffirmed their shared intent to pursue an formidable India–Qatar Complete Financial Partnership Settlement (CEPA) to additional deepen financial engagement, the commerce minister stated in an announcement.
Talking on the India–Qatar Joint Enterprise Council (JBC) assembly, attended by representatives from native business and the Qatar Chamber, Goyal highlighted India’s resilience amid international financial headwinds. The minister additional underscored India’s strong macroeconomic fundamentals, thriving start-up ecosystem and conducive enterprise setting, urging corporations from each nations to discover new partnerships.
Goyal stated the 2 economies possess vital untapped commerce potential. He recognized promising sectors for enlargement, together with electronics, cars, prescription drugs, processed meals, textiles, gems and jewelry, IT, high-tech manufacturing, and photo voltaic vitality. He additionally lauded the primary in-person JBC assembly for fostering direct engagement between companies.
Commerce deficit
India has a commerce deficit of $10.78 billion, pushed largely by petroleum imports, which account for 89% of its whole imports. Each ministers acknowledged Qatar’s essential function as a long-term vitality companion for India, with the upcoming LNG provide settlement of seven.5 million tonnes per 12 months from 2028 forming a cornerstone of cooperation. Goyal emphasised the necessity to diversify commerce by enhancing Indian exports to Qatar, complementing the vitality partnership with development in value-added sectors.
As per the ministry’s assertion, on the sidelines of the Joint Fee, Goyal held a sequence of conferences with senior Qatari officers and enterprise leaders, exploring avenues for better funding flows, know-how partnerships, and joint ventures between enterprises of each nations.
Goyal additionally participated within the launch of the Unified Funds Interface (UPI) at Lulu Mall, The Pearl Island, a milestone in India’s digital cooperation with Qatar, facilitating seamless digital funds for the Indian diaspora and native customers.
Earlier within the day, Goyal paid floral tribute to Mahatma Gandhi on the Embassy of India in Doha and planted a sapling beneath the ‘Ek Ped Maa Ke Naam’ initiative, reflecting India’s dedication to sustainability and environmental stewardship.
Earlier, in February 2025, the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani, was in India on a state go to. Throughout that go to, the 2 nations elevated their joint working group on commerce and commerce to a ministerial-level Joint Fee to drive a extra structured dialogue on financial issues.
