India and Qatar are strengthening their economic ties with a focus on boosting bilateral trade and investment. The two nations aim to finalize a Free Trade Agreement (FTA) and have set an ambitious goal to increase bilateral trade to $30 billion by 2030. This target was initially set in February 2025, during the Qatari Amir's visit to India, where both countries elevated their relationship to a strategic partnership.
To achieve this goal, India and Qatar are exploring enhanced and diversified trade strategies, addressing market access issues, and promoting cooperation in key sectors such as finance, agriculture, environment, tourism, culture, and healthcare. Indian Commerce and Industry Minister Piyush Goyal recently visited Doha to co-chair the India-Qatar Joint Commission on Trade and Commerce, further emphasizing the importance of this economic partnership. Discussions during the visit included the proposed FTA and the finalization of the Terms of Reference for a Comprehensive Economic Partnership Agreement (CEPA).
A significant step towards strengthening financial connectivity is Qatar's adoption of India's Unified Payments Interface (UPI). Qatar is now the eighth country to integrate UPI, which will facilitate faster, easier, and more secure cross-border transactions for millions of users. Indian travelers, NRIs, and businesses in Qatar can now make instant digital payments through UPI-enabled apps like PhonePe, Google Pay, and Paytm, eliminating the need for cash or currency conversion.
Qatar Duty Free (QDF), part of the Qatar Airways Group, has already enabled UPI payments at its outlets, allowing Indian visitors to make seamless, cashless payments. Indians are the second-largest group of international visitors to Qatar, making this integration particularly beneficial. Experts believe that the adoption of UPI in Qatar will boost cross-border payments, remittances, e-commerce, and digital banking, further strengthening India-Qatar trade ties.
The implementation of UPI in Qatar is being carried out in phases, with a full-scale rollout expected across the country. A Joint Committee on Financial and Economic Collaboration is overseeing the process to ensure alignment with Qatar's financial regulations and enhance the efficiency of cross-border transactions. This initiative aims to provide seamless and secure digital payment solutions for Indian expatriates, businesses, and consumers in Qatar.
In addition to trade and finance, India and Qatar are also focusing on strengthening their energy partnership. Qatar is a major supplier of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) to India. The two countries are exploring mutual investments in energy infrastructure and promoting regular meetings between relevant stakeholders.
Overall, the deepening economic ties between India and Qatar, driven by the FTA target and the adoption of UPI, are expected to create new opportunities for businesses and enhance the overall relationship between the two countries. Minister Goyal's visit to Qatar and the ongoing discussions on trade and investment reflect the commitment of both nations to achieve their ambitious goals.
