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India and Qatar are likely to finalise the framework for a free trade agreement (FTA), after which Commerce and Industry Minister Piyush Goyal is expected to travel to the West Asian nation early October, a senior official said on Monday.
“It is possible that next month, the terms of reference for a trade agreement may be finalised,” the official added.
In February, India and Qatar had agreed to explore the possibility of entering into a comprehensive FTA, also known as Comprehensive Economic Partnership Agreement (CEPA). Both sides had set the target to double bilateral trade to $28 billion by 2030.
India is currently negotiating trade deals with the European Union (EU), New Zealand, Peru, and Chile. While a trade deal with the United Kingdom (UK) was signed in July, government officials have said that a pact with Oman has been 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. These agreements are expected to further open global opportunities for Indian industries, especially at a time when India has not been able to finalise a trade deal with the US. That apart, the US has imposed a 50 per cent tariff on several Indian products.
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