India, Qatar elevate ties to Strategic Partnership, aim to double bilateral trade by 2030

New Delhi [India], February 18 : Prime Minister Narendra Modi and Amir of Qatar Sheikh Tamim bin Hamad Al-Thani had "very productive" bilateral talks on Tuesday with the two countries deciding to elevate their ties to Strategic Partnership and with an aim to double bilateral trade by 2030.
PM Modi and Amir of Qatar recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries.
They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the 'Agreement on the Establishment of Bilateral Strategic Partnership' between the two sides.
In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties.
The two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.
The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms.
They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes.
The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.
PM Modi and Qatar Amir exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.
The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels, a joint statement said.
The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade.
The two leaders welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce.
The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.
The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on February 13, 2025.
The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.
Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.
The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India.
The Indian side also appreciated Qatar's efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar's growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.
The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis.
Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.
The two sides welcomed the operationalization of India's Unified Payment Interface (UPI) in QNB's Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB's expansion is also welcomed in India through setting up of an office in GIFT City.
The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.
The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.
The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence.
The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.
India and Qatar welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.
PM Modi on Tuesday said he had a "very productive" meeting in the national capital with the Amir of Qatar.
He described the visit as "even more special" as the two countries have elevated their bilateral ties to Strategic Partnership.
The Prime Minister, who described the Qatar Amir as his "brother", said trade featured prominently in the talks and the two countries want to increase and diversify trade linkages.
"Had a very productive meeting with my brother, Amir of Qatar H.H. Sheikh Tamim Bin Hamad Al Thani, earlier today. Under his leadership, Qatar has scaled new heights of progress. He is also committed to a strong India-Qatar friendship. This visit is even more special because we have elevated our ties to a Strategic Partnership," PM Modi said in a post on X.
"Trade featured prominently in our talks. We want to increase and diversify India-Qatar trade linkages. Our nations can also work closely in sectors like energy, technology, healthcare, food processing, pharma and green hydrogen," he added.
Addressing a special press conference, Secretary (CPV & OIA) in MEA, Arun Kumar Chatterjee said trade, investment and energy were among the major topics of discussion between the two leaders today.
"The trade today between India and Qatar is over USD 14 billion annually. Both sides have agreed to set a target to double this in the next 5 years. Qatar is also an important partner for investments in India. Qatar's sovereign wealth fund, Qatar Investment Authority currently has about $1.5 billion FDI in India...both leaders today identified a number of areas in which Qatar Investment Authority can increase investments in India...Prime Minister appreciated His Highness Qatar for bringing a large dedication of top Qatari business for business on this visit. Joint Business Forum was held today under the Co-chairmanship of the Ministers of Commerce and Industry of India and Qatar, in which top industrialists, companies and institutions of both countries held very productive interactions," he said.
Amir of Qatar arrived in the national capital on Monday on two-day State visit.