India, Qatar aim to double trade to $28 billion over next five years

mangaloretoday.com

New Delhi, February 19, 2025: Prime Minister Narendra Modi and Amir of Qatar, Sheikh Tamim bin Hamad Al-Thani, on Tuesday set the target to double the annual bilateral trade within the next five years to take it to the level of at least $28 billion, even as the West Asian nation vowed to invest $10 billion in India.

As Modi and Sheikh Tamim met in New Delhi, India and Qatar raised the bilateral relations to a strategic partnership and agreed to explore the possibility of signing a bilateral Comprehensive Economic Partnership Agreement.

The two leaders exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasised the importance of dialogue and diplomacy for a peaceful resolution of international disputes.

“Trade featured prominently in our talks. We want to increase and diversify India-Qatar trade linkages. Our nations can also work closely in sectors like energy, technology, healthcare, food processing, pharma and green hydrogen,” Modi posted on X after meeting Sheikh Tamim at the Hyderabad House in New Delhi. Sheikh Tamim’s office quoted him saying that India was one of the most important economic partners of Qatar.

India’s bilateral trade with Qatar was worth $14.08 billion in 2023-24. India’s export to Qatar during the period was $1.7 billion and India’s import from Qatar was $12.38 billion. Qatar is the largest supplier of LNG to India, accounting for over 40 per cent of India’s global imports. India’s Petronet LNG Ltd signed a long-term deal with QatarEnergy LNG in February 2024 for the supply of 7.5 million tonnes of gas per annum starting from 2028 until 2048.

The Prime Minister and the Amir of Qatar agreed that the two sides should work to further enhance bilateral energy cooperation, including through the promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy. The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address priority market access issues related to trade in goods and services, according to a joint statement issued after the meeting between the two leaders. It added, “The two sides agreed to explore the possibility of into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.”