(MENAFN- Live Mint) India and Qatar aim to double their bilateral trade in the next five years, Union commerce minister Piyush Goyal said, at a time when New Delhi is facing steep US tariffs. Trade between the two countries stood at $14.15 billion in FY25.

Earlier in the day, Goyal co-chaired the India–Qatar Joint Commission on Economic and Commercial Cooperation with his Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani. India is in the process of widening its export basket after the US tariffs cast a cloud over its $86.5 billion goods trade with the world's largest economy.

The two leaders reviewed the overall trade and investment relationship and discussed measures to address existing trade barriers and enhance cooperation across emerging sectors, including finance, agriculture, healthcare, technology, and renewable energy. Both sides reaffirmed their shared intent to pursue an ambitious India–Qatar Comprehensive Economic Partnership Agreement (CEPA) to further deepen economic engagement, the commerce minister said in a statement.

Also Read | India steps up FTA talks with Qatar, EU as US tariff strains trade ties

Speaking at the India–Qatar Joint Business Council (JBC) meeting, attended by representatives from local industry and the Qatar Chamber, Goyal highlighted India's resilience amid global economic headwinds. The minister further underscored India's robust macroeconomic fundamentals, thriving start-up ecosystem and conducive business environment, urging companies from both countries to explore new partnerships.

Goyal said the two economies possess significant untapped trade potential. He identified promising sectors for expansion, including electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, high-tech manufacturing, and solar energy. He also lauded the first in-person JBC meeting for fostering direct engagement between businesses.

Trade deficit

India has a trade deficit of $10.78 billion, driven largely by petroleum imports, which account for 89% of its total imports. Both ministers acknowledged Qatar's crucial role as a long-term energy partner for India, with the upcoming LNG supply agreement of 7.5 million tonnes per year from 2028 forming a cornerstone of cooperation. Goyal emphasized the need to diversify trade by enhancing Indian exports to Qatar, complementing the energy partnership with growth in value-added sectors.

As per the ministry's statement, on the sidelines of the Joint Commission, Goyal held a series of meetings with senior Qatari officials and business leaders, exploring avenues for greater investment flows, technology partnerships, and joint ventures between enterprises of both countries.

Also Read | India's FTA puzzle: Why exports aren't keeping pace with ambitions

Goyal also participated in the launch of the Unified Payments Interface (UPI) at Lulu Mall, The Pearl Island, a milestone in India's digital cooperation with Qatar, facilitating seamless digital payments for the Indian diaspora and local consumers.

Earlier in the day, Goyal paid floral tribute to Mahatma Gandhi at the Embassy of India in Doha and planted a sapling under the 'Ek Ped Maa Ke Naam' initiative, reflecting India's commitment to sustainability and environmental stewardship.

Earlier, in February 2025, the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani, was in India on a state visit. During that visit, the two countries elevated their joint working group on trade and commerce to a ministerial-level Joint Commission to drive a more structured dialogue on economic matters.

Also Read | For India and EU, a deal is closer than ever

MENAFN06102025007365015876ID1110158216