New Delhi, Oct 7 (NationPress) The bilateral trade between India and Qatar, which currently stands at approximately $14 billion, is expected to potentially reach $28 billion by 2030. This growth is anticipated through a renewed emphasis on key sectors such as electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, and emerging high-tech industries, including solar energy, as stated by Commerce Minister Piyush Goyal.

He emphasized the significance of enhancing business interactions, highlighting the success of the inaugural face-to-face Joint Business Council meeting in strengthening economic relations.

Goyal co-led the Qatar–India Joint Commission on Economic and Commercial Cooperation alongside H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of Qatar.

The event aimed to fortify bilateral trade and investment links, tackle existing trade obstacles, and identify new avenues for enhancing economic collaboration across vital sectors.

Both parties reaffirmed their dedication to pursuing a robust India-Qatar Comprehensive Economic Partnership Agreement. While acknowledging Qatar's energy exports, including a long-term LNG supply agreement of 7.5 million tonnes per year starting in 2028, Goyal stressed the necessity of increasing India’s exports to Qatar.

A bilateral meeting of commerce and industry ministers from both nations also took place, during which they reviewed the overall trade and economic relationship, tackled existing trade barriers, and explored fresh areas for collaboration in sectors like finance, agriculture, and healthcare.

The two ministers subsequently jointly addressed the India–Qatar Joint Business Council (JBC) meeting, which included senior representatives from FICCI, CII, ASSOCHAM, and the Qatar Chamber, along with members from the business communities of both nations.

Despite facing global economic challenges and supply chain disruptions, Goyal noted that India continues to showcase strong macroeconomic stability, fostering a thriving start-up ecosystem and creating a conducive environment for global businesses. He urged Indian and Qatari businesses to seize greater opportunities.

On the sidelines of the Joint Commission, he engaged in several high-level business discussions with senior Qatari officials and corporate leaders.

These discussions offered a platform to explore increased investment flows, technology collaborations, and joint ventures between Indian and Qatari firms.

The minister also participated in launching the Unified Payments Interface (UPI) at Lulu Mall, The Pearl Island, marking a significant milestone in India’s digital cooperation with Qatar and enabling seamless digital transactions for both the Indian diaspora and local consumers.

"I am proud to announce the launch of Bharat's own #UPI at Lulu Hypermarket in Doha, Qatar. This launch is a revolutionary development for digital connectivity and convenience in payments, showcasing India's commitment to facilitating cross-border commerce and leveraging 'Digital India' initiatives. Operational at Qatar National Bank POSs across vast areas of the Qatari market, this initiative will benefit Indian travellers and enhance trade and tourism between the two nations," Goyal stated.