Qatar, a key trading partner of India within the Gulf Cooperation Council, recorded over $14.15 billion in bilateral trade with India during 2024–25
India and Qatar will soon finalise the framework to launch negotiations for a free trade agreement, with a deal expected to be concluded by mid or third quarter of 2026, Commerce and Industry Minister Piyush Goyal confirmed on Monday. Goyal is currently in Doha for a two-day visit, leading a business delegation aimed at boosting trade and investment between the two nations.
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"I would think that sometime by the middle of next year, or third quarter of next year, we will be able to finalise an FTA (free trade agreement), if not earlier," Goyal told reporters during the visit.
Qatar, a key trading partner of India within the Gulf Cooperation Council, recorded over $14.15 billion in bilateral trade with India during 2024–25. India already holds a trade pact with the United Arab Emirates and is set to sign a similar agreement with Oman soon.
Goyal held talks with Sheikh Faisal bin Thani bin Faisal Al Thani, Qatar's Minister of Commerce and Industry, to outline the terms of reference for the upcoming trade negotiations. "We have discussed that we should quickly launch FTA negotiations. We are discussing the contours of terms of reference and once we finalise that, the Qatar Minister and I have discussed that we will fast-track it so that trade and business can double by 2030 from $14 billion today to $30 billion," he said.
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A potential FTA would reduce or eliminate import duties across most goods traded and liberalise service sectors and investments. Currently, India's trade with Qatar is heavily skewed toward energy imports. Crude petroleum and gas-related products make up nearly 90 per cent of total imports. In the last fiscal year, India imported $12.46 billion worth of goods from Qatar, while exporting just $1.68 billion, resulting in a trade deficit of $10.78 billion.
India's imports from Qatar include liquefied natural gas, propane, butane, fertilisers, plastics, and aluminium. Its exports feature industrial goods, rice, jewellery, processed minerals, automobiles, electricals, electronics, and food items such as buffalo meat and sugar.
India has received $1.53 billion in foreign direct investment from Qatar from April 2000 to June 2025. Goyal also co-chaired a meeting with business leaders from both nations. "I can see a lot of opportunities and possibilities here," he said, noting strong potential for cooperation in agriculture, food products, renewable energy, AI, data centres, tourism, cosmetics, and pharmaceuticals.
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On Qatar's earlier commitment of $10 billion in investments, Goyal said, "They have already invested between $4–5 billion in India and another $1–1.5 billion is already in the pipeline where they are looking at opportunities and are almost at the finalisation stage."
He added, "They are looking at good promoters and good projects in India and I am hopeful that our associations like CII and FICCI will certainly provide very good opportunities for investment in manufacturing and in services (sectors) like banking, insurance and AI and data centres and real estate."
