India and Qatar strengthen economic partnership, set target to double bilateral trade by 2030

By: Team India Tracker

India and Qatar enjoy a steadily expanding economic partnership. India ranks among Qatar’s top three export destinations as well as one of its top three import sources.

During his official visit to Qatar, Commerce and Industry Minister Piyush Goyal held a meeting with Qatar’s Prime Minister and Foreign Minister, Sheikh Mohammed bin Abdulrahman Al Thani. The discussions underscored the shared commitment of both nations to deepen trade and investment cooperation within the framework of the strategic partnership that was established during the visit of Qatar’s Amir to India earlier this year. Both leaders reaffirmed their intent to translate this partnership into tangible economic outcomes and to explore new avenues of collaboration.

A key highlight of the visit was the convening of the Joint Commission on Economic and Commercial Cooperation, held on the 6th of this month. Mr. Goyal co-chaired the session alongside Qatar’s Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani. The two ministers conducted a comprehensive review of the existing bilateral trade and investment relationship and identified priority sectors for enhanced cooperation. They also discussed measures to facilitate greater business exchanges, improve market access, and promote joint ventures between Indian and Qatari enterprises. Both sides agreed to intensify efforts toward achieving the ambitious goal of doubling bilateral trade by 2030 and to initiate negotiations for a Free Trade Agreement (FTA) aimed at boosting economic integration.

In addition, the ministers jointly addressed the inaugural meeting of the Joint Business Council (JBC), a new platform co-chaired by the Qatar Chamber and the Federation of Indian Chambers of Commerce and Industry (FICCI). The JBC is expected to play a crucial role in fostering direct interaction between business leaders, identifying new opportunities for cooperation, and supporting trade diversification. The ministers encouraged companies on both sides to capitalise on the growing synergy between the Indian and Qatari economies, as well as the strong historical and cultural ties that bind the two nations. Mr. Goyal noted that the resilience and dynamism of both economies provide an ideal foundation for expanding partnerships in sectors such as energy, infrastructure, technology, and services, thereby promoting shared growth and prosperity.

This marked the first meeting of the upgraded Joint Commission, which was elevated from the previous Joint Working Group on Trade and Commerce following the visit of the Amir of Qatar to India in February 2025. The elevation reflects the growing strategic importance of the India-Qatar economic partnership and the mutual desire to institutionalise cooperation at a higher level. Overall, Mr. Goyal’s visit reaffirmed both countries’ strong political will to deepen bilateral economic engagement and broaden cooperation across multiple domains, paving the way for a more robust and forward-looking partnership in the years ahead.

India and Qatar enjoy a steadily expanding economic partnership. India ranks among Qatar’s top three export destinations as well as one of its top three import sources. Although the trade balance remains in Qatar’s favour due to India’s substantial imports of liquefied natural gas (LNG), there has been consistent growth in India’s exports to Qatar in recent years. This expansion has been particularly strong in sectors such as food products, vegetables, pharmaceuticals, steel, and construction materials.

Source: Department of Commerce, GoI

During the recent State visit of the Amir of Qatar to India, both countries agreed to set an ambitious goal of doubling bilateral trade by 2030. They also decided to explore the potential for a bilateral Comprehensive Economic Partnership Agreement (CEPA) and announced the upgrading of the existing Joint Working Group on Trade and Commerce into a Ministerial-level Joint Commission on Trade and Commerce. This move reflects the deepening engagement and strategic intent to enhance economic collaboration. In addition, recent developments such as the decision by Doha Insurance Group and Qatar National Bank (QNB) to establish offices at Gujarat International Finance Tec-City (GIFT City) demonstrate growing institutional linkages. QNB is also collaborating with India’s National Payments Corporation of India International Payments Limited (NIPL) to operationalise India’s Unified Payments Interface (UPI) at QNB’s point-of-sale systems in Qatar, facilitating smoother digital transactions.

Top 10 products imported and exported in FY 2024-25 (Value in USD millions)

Source: Department of Commerce, GoI

In the financial year 2024–25, India’s total bilateral trade with Qatar reached USD 14.14 billion, with Indian exports valued at USD 1.68 billion and imports from Qatar amounting to USD 12.46 billion. The figures remained largely steady compared to the previous fiscal year 2023–24, when total trade stood at USD 14.08 billion. Qatar’s major exports to India include LNG, LPG, petrochemicals, chemicals, fertilisers, plastics, and aluminium products, while India’s principal exports to Qatar comprise cereals, iron and steel items, boilers, gems and jewellery, vehicles and auto parts, inorganic chemicals, mineral fuels, electrical machinery, and various plastic products.