NEW DELHI: India and Qatar on Tuesday agreed to set a target to double bilateral trade to $28 billion over the next five years, marking an elevation of their ties to a strategic partnership, following talks between Prime Minister Narendra Modi and Amir Sheikh Tamim Bin Hamad Al-Thani. During their high level meeting, the two leaders discussed trade, investment and energy, recalling significant historic trade linkages between the two nations.
Both sides signed two key agreements, one formalising the strategic partnership and another revising the double taxation avoidance agreement. Additionally, they also signed five memoranda of understanding (MoUs), covering areas such as economic cooperation, archive management, and youth and sports collaboration.
“The trade today between India and Qatar is about USD 14 billion annually. Both sides have agreed to set a target to double this in the next 5 years,” Arun Kumar Chatterjee, secretary in the ministry of external affairs said.
The senior official further added that Qatar is also an important partner for investments in India.
India and Qatar share strong economic and energy ties, highlighted by last year’s $78 billion deal to extend India’s LNG imports from Qatar for another 20 years until 2048, at rates lower than current market prices at the time.
Their talks covered a broad range of issues, including trade, investment, technology, energy, and people-to-people ties, further reinforcing what both nations describe as a “deep and traditional relationship.” They also exchanged views on key regional and global matters of mutual interest.
Earlier in the day, President Droupadi Murmu welcomed the Amir of Qatar at Rashtrapati Bhavan with a ceremonial guard of honour, with Modi also in attendance.
Qatar and India share a long history of friendship, trust, and mutual respect, and their ties have grown stronger in trade, investment, energy, technology, and cultural exchange, the Ministry of External Affairs noted.
The Amir’s visit to India follows Modi’s trip to Qatar in February 2024. In a rare gesture of hospitality, Modi personally received the Qatari leader at Delhi airport on Monday evening, exchanging a warm handshake and hug.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/india-qatar-look-forward-to-double-trade-in-next-5-years-to-28-billion/articleshow/118361970.cms