India and Qatar are poised for a period of significantly strengthened relations, driven by ambitious economic goals and deepening cooperation across multiple sectors. Recent developments, including Union Minister Piyush Goyal's visit to Doha and the launch of India's Unified Payments Interface (UPI) in Qatar, signal a new era of partnership between the two nations.
During his visit, Minister Goyal co-chaired the India-Qatar Joint Commission on Economic and Commercial Cooperation with Qatar's Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani. Both sides reaffirmed their commitment to deepening bilateral ties, enhancing trade, and pursuing investment goals that were initially set during the Amir of Qatar's visit to India in February. This collaboration aims to double bilateral trade from the current $14 billion to $30 billion by 2030, driven by a strategic partnership and a prospective Free Trade Agreement (FTA).
The FTA negotiations are expected to be finalized by mid-2026, with terms of reference under discussion and likely to be concluded shortly. Minister Goyal noted the importance of diversifying India's trade with Qatar, which currently relies heavily on energy imports. He highlighted promising sectors for growth, including electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, high-tech industries, and solar energy. Qatar is also planning to introduce key policy reforms and attract over $100 billion in investment across priority sectors by 2030, presenting further opportunities for collaboration.
One of the key highlights of Minister Goyal's visit was the launch of UPI at the Lulu Hypermarket in Doha. This move marks a significant milestone in digital and financial cooperation between India and Qatar, symbolizing growing trust across borders and aiming to enhance the ease of transactions for citizens and businesses in both nations. UPI, developed by the National Payments Corporation of India (NPCI), allows users to make instant, low-cost payments and has now been implemented at retail stores across Qatar. Qatar National Bank (QNB) has integrated QR code-based payments at point-of-sale terminals for participating merchants through NPCI International Payments Limited (NIPL).
The launch of UPI in Qatar is expected to greatly benefit the large Indian community in the country, which numbers over 830,000. Residents can now make payments in real-time using the same UPI apps they use in India, reducing the cost and time involved in transferring money and making everyday purchases more convenient. Businesses and merchants also stand to gain, as UPI's instant payments can simplify transactions and encourage more Indians to shop at stores offering UPI services.
Qatar has already invested $4 to 5 billion in India, with another $1.5 billion in the pipeline. Minister Goyal emphasized the potential for further collaboration in sectors such as manufacturing, AI, data centers, and financial services. Both sides explored cooperation across multiple priority sectors, including trade, finance, agriculture, healthcare, technology, tourism, transport, education, and sustainability.
The growing economic engagement between India and Qatar, combined with the launch of UPI and the ongoing FTA negotiations, paints a promising picture for the future of bilateral relations. As both nations work towards deepening their strategic partnership and expanding cooperation across various sectors, a "fabulous future awaits India-Qatar ties".
