India, Qatar target mid-2026 for Free Trade Agreement signing: Piyush Goyal

Doha [Qatar], October 6 (ANI): India and Qatar are on track to finalise a Free Trade Agreement (FTA) by mid-2026, Commerce and Industry Minister Piyush Goyal announced Monday during a business delegation visit aimed at expanding bilateral trade and investment.

"I would think that sometime by the middle of next year, or third quarter of next year, we will be able to finalise an FTA, if not earlier," Goyal told reporters in Doha.

Qatar ranks among India's key trading partners within the Gulf Cooperation Council (GCC), with bilateral trade totalling over USD 14.15 billion in 2024-25. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

India has already secured a trade pact with the UAE and is expected to sign a similar agreement with Oman in the near future.

Minister Goyal held discussions with his Qatari counterpart, Sheikh Faisal bin Thani bin Faisal Al Thani, on launching FTA negotiations. Both ministers agreed to fast-track the process to support their ambitious goal of doubling bilateral trade.

"We will fast-track it so that trade and business can double by 2030 from USD 14 billion today to USD 30 billion," Goyal said.

Regarding Qatar's USD 10 billion investment commitment to India, Goyal reported significant progress. Qatar has already invested between USD 4-5 billion in India, with an additional USD 1-1.5 billion in the pipeline nearing finalisation.

"They are looking at good promoters and good projects in India, and I am hopeful that our associations like CII and FICCI will certainly provide very good opportunities for investment in manufacturing and services sectors like banking, insurance, AI, data centres, and real estate," the minister said.

He expressed confidence that Qatar's investments could exceed the USD 10 billion target in the coming years.

India faces a substantial trade deficit with Qatar. In the last fiscal year, India's exports to Qatar totalled USD 1.68 billion, while imports surged to USD 12.46 billion, creating a deficit of USD 10.78 billion.

Indian exports to Qatar in 2024-25 included iron and steel products, rice, gold and precious metal jewellery, processed minerals, motor vehicles, petroleum products, electrical machinery, electronics, buffalo meat, and sugar.

From April 2000 to June 2025, India received USD 1.53 billion in foreign direct investment from Qatar.

Co-chairing a meeting with business leaders from both nations, Goyal identified numerous opportunities for enhanced cooperation in agriculture, food products, non-conventional and renewable energy, data centres, tourism, cosmetics, pharmaceuticals, and artificial intelligence.

When asked whether increasing exports to Qatar could help offset high US tariffs on Indian goods, Goyal emphasised the strategic importance of the relationship.

"Qatar is India's trusted friend and trading partner. We want to strengthen our trade and mutual relations with Qatar, and we want to strengthen our relations with other countries as well," he said. (ANI)

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