India Qatar look forward to double trade in next 5 years to $ 28 billion

NEW DELHI: India and Qatar on Tuesday agreed to set a goal to double bilateral trade to $28 billion over the next 5 years, marking an elevation of their ties to a strategic partnership, following talks between Prime Minister Narendra Modi and Amir Sheikh Tamim Bin Hamad Al-Thani. During their excessive stage assembly, the 2 leaders mentioned trade, funding and vitality, recalling important historic trade linkages between the 2 nations.
Both sides signed two key agreements, one formalising the strategic partnership and one other revising the double taxation avoidance settlement. Additionally, additionally they signed 5 memoranda of understanding (MoUs), protecting areas corresponding to financial cooperation, archive administration, and youth and sports activities collaboration.
“The trade today between India and Qatar is about USD 14 billion annually. Both sides have agreed to set a target to double this in the next 5 years,” Arun Kumar Chatterjee, secretary in the ministry of exterior affairs mentioned.
The senior official additional added that Qatar can also be an necessary companion for investments in India.
India and Qatar share robust financial and vitality ties, highlighted by final yr’s $78 billion deal to prolong India’s LNG imports from Qatar for one more 20 years till 2048, at charges decrease than present market costs on the time.
Their talks lined a broad vary of points, together with trade, funding, expertise, vitality, and people-to-people ties, additional reinforcing what each nations describe as a “deep and traditional relationship.” They additionally exchanged views on key regional and world issues of mutual curiosity.
Earlier in the day, President Droupadi Murmu welcomed the Amir of Qatar at Rashtrapati Bhavan with a ceremonial guard of honour, with Modi additionally in attendance.
Qatar and India share a protracted historical past of friendship, belief, and mutual respect, and their ties have grown stronger in trade, funding, vitality, expertise, and cultural alternate, the Ministry of External Affairs famous.
The Amir’s go to to India follows Modi’s journey to Qatar in February 2024. In a uncommon gesture of hospitality, Modi personally acquired the Qatari chief at Delhi airport on Monday night, exchanging a heat handshake and hug.