The terms of engagement for a bilateral trade agreement between India and Qatar will most likely be finalised by October, said a government official.
As India expands its export basket and talks are underway with both the European Union (EU) and Oman for free trade agreements (FTA) by year-end, India’s trade deal negotiations with Qatar as a part of the Comprehensive Economic Partnership Agreement (CEPA) are said to be on track. Both India and Qatar have set an ambitious goal to achieve bilateral trade up to $28 billion by 2030.
The official further stated that once the terms of reference for the proposed trade pacts are finalised, India’s Commerce and Industry minister, Piyush Goyal, may travel to Qatar next month.
At an event recently, Goyal had highlighted India’s intention to cement its ties with its closest neighbours and other countries interested in importing from it. While Goyal also pushed for greater innovation and locally-made products, India is bracing for the impact of US tariffs on Indian produce, which came into effect on August 27.
Also Read: Qatar keen on a trade pact with India: Goyal
Meanwhile, European Commissioner for Trade, Maros Sefcovic, will visit India on September 12 to meet with Goyal for the 13th round of talks and take stock of the progress of trade engagement between India and the EU bloc as the two seek to bridge the gap on issues where the trade negotiations stalled.
In the wake of increasing global uncertainty, especially after US President Donald Trump imposed high tariffs on most countries, India has stepped up its bilateral engagement with other countries, having already signed trade treaties with the UK.
While India and the UAE had signed an agreement a few years ago, which is now helping cushion the effects of 50 per cent tariffs imposed by the US on Indian exports, India’s discussions with New Zealand, Chile, Peru, Oman (pending formal signing), and the Russia-led Eurasian Economic Union are also underway.
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