Piyush Goyal co-chairs India-Qatar Joint Commission meeting on Economic and Commercial Cooperation

Doha [Qatar], October 6 (ANI): Union Commerce and Industry Minister, Piyush Goyal, on Monday co-chaired the India-Qatar Ministerial Joint Commission on Economic and Commercial Cooperation with H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of Qatar.

In a post on social media platform X, the Minister added, "Both sides reaffirmed their commitment to deepening the India-Qatar partnership by building on our strong bilateral trade. We also agreed to further intensify cooperation to achieve the trade and investment goals set by our leadership during the visit of His Highness the Amir of Qatar to India in February this year"

On his first visit to Qatar, Goyal is also accompanied by senior officials from different Ministries. The two sides are expected to hold wide-ranging discussions reviewing bilateral trade performance, addressing existing trade barriers and non-tariff issues, and exploring avenues to enhance trade and investment flows.

According to an official release, the talks are likely to include deliberations on the proposed India-Qatar FTA, with the way forward on finalization of the Terms of Reference (ToR) for the Comprehensive Economic Partnership Agreement (CEPA) which will further strengthen economic cooperation between both countries.

In an another development, during his visit, LuLu Hypermarket Qatar made a strategic move to enhance cross-border digital payments, becoming the first major retail chain in the country to deploy Unified Payments Interface (UPI) acceptance across its stores.

The inaugural transaction was conducted at LuLu Hypermarket, Pearl Qatar, during the official visit of India's Union Minister Goyal, in the presence of QNB and NPCI officials.

Qatar National Bank (QNB) has enabled QR code-based UPI payments at point-of-sale (POS) terminals for its merchant clients in partnership with NPCI International Payments Limited (NIPL). This initiative is powered by NETSTARS' payment solution, ensuring secure and seamless transaction processing. With UPI now accepted across LuLu outlets in Qatar, Indian visitors can enjoy familiar, convenient digital payments, reducing the need to carry cash or manage currency exchange.

This integration extends to major tourist destinations, facilitating real-time payments and enhancing the travel experience for India's diaspora and visitors.

The rollout of UPI acceptance in Qatar strengthens the global reach and interoperability of India's payment ecosystem. Local merchants, including LuLu stores, stand to benefit from increased transaction volumes as the retail and tourism sectors adapt to growing demand for cashless, real-time payments. The platform is expected to support merchants in scaling operations while delivering convenience to customers.

"Looking at the current geopolitical and economic situation of the world, the relationship between Qatar and India is very special. Qatar has created world-class infrastructure -- it has a world-class airport and a free market -- and Indian companies are also welcomed here. India is the fastest-growing economy in the world, and there is great synergy between India and Qatar. This is a traditional, transactional business relationship, and both countries want to take it forward," said Mohamed Altaf, (Group Director, Global Operations & CSO, Lulu Retail.

Uttam Singhal, MD, TWI Group of Companies, said, "There are a few selected businessmen here from Qatar, and the Indian delegation is also carefully chosen. They are looking to invest in India. They want to invest in technology and various businesses, and this presents a good opportunity for everyone."

A release added that QNB's efforts to implement UPI acceptance across its merchant network underscore its commitment to innovation in the payment landscape. By partnering with NPCI International and leveraging NETSTARS' technology, QNB is helping position Qatar as a pioneer in cross-border digital payment adoption.

LuLu Hypermarket Qatar invites customers to take advantage of this new payment option during their next shopping visit. (ANI)

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