Piyush Goyal to visit Qatar for talks on comprehensive trade pact

Commerce Minister Piyush Goyal's Qatar visit on October 6-7 will include talks on the proposed India-Qatar trade agreement, reviewing bilateral trade and strengthening sectoral cooperation

Commerce and Industry Minister Piyush Goyal will begin his two-day visit to Qatar on Monday, during which he will hold discussions on a proposed comprehensive trade deal between India and the West Asian nation, including steps to finalise the framework of the deal, the commerce department said on Sunday.

 

Both sides will also hold discussions on reviewing the bilateral trade performance, addressing existing trade barriers and non-tariff issues, and exploring avenues to enhance trade and investment flows.

 

“The talks are likely to include deliberations on the proposed India-Qatar FTA (Free Trade Agreement), with the way forward on finalisation of the Terms of Reference (ToR) for the Comprehensive Economic Partnership Agreement (CEPA) which will further strengthen economic cooperation between both countries. Cooperation in other key sectors such as finance, agriculture, environment, tourism, culture, and healthcare will also form an integral part of the discussions aimed at deepening the multifaceted partnership between India and Qatar,” the official statement said.

 

This will be Goyal’s first visit to Doha, Qatar to attend the Qatar-India Joint Commission Meeting on Trade and Commerce. The meeting will be co-chaired by his Qatar-based counterpart Sheikh Faisal bin Thani bin Faisal Al Thani.

 

Goyal will also be accompanied by senior officials from various ministries, as well as a business delegation.

 

Apart from Qatar, India is currently negotiating trade deals with the United States (US), European Union (EU), New Zealand, Peru, and Chile. While a trade deal with the United Kingdom (UK) was signed in July, government officials in the past have said that a pact with Oman is finalised and will be signed soon. India has recently finalised the terms of reference for the proposed trade deal with the Russia-led Eurasian Economic Union.

 

India-Qatar trade stood at $14.15 billion in FY25. India ran a $10.78 billion trade deficit, mainly due to petroleum imports comprising around 89 per cent of total imports. Exports to Qatar stood at $1.68 billion, while imports were $12.46 billion.

 

Ajay Srivastava, former trade official and founder of Delhi-based think tank Global Trade Research Initiative (GTRI) said that the evolving India-Qatar partnership reflects a pragmatic convergence of need -- Qatar’s quest for diversified security and investment partners and India’s pursuit of stable energy supplies and regional influence.

 

“While trade remains heavily dominated by hydrocarbons, both countries recognise the need to broaden cooperation into new sectors such as chemicals, fertilisers, metals, and engineering goods. Unless trade is balanced, prereferral trade agreement giving concessions on petrochemicals may not be in India’s favour. Joint ventures in energy infrastructure, technology collaboration, and cross-border investments can help reduce India’s trade deficit and reinforce Qatar’s role as a trusted long-term partner,” Srivastava said.