India Eyes FTA With Qatar by Third Quarter of 2026: Piyush Goyal

India and Qatar are working towards concluding a free trade agreement (FTA), possibly by the third quarter of 2026, India’s Minister of Commerce and Industry Piyush Goyal said yesterday.

He was replying to a question by Gulf Times at a session hosted by the Indian Business & Professional Council in Doha yesterday.

India, a key trading partner of Qatar, recorded over $14.15bn in bilateral trade during financial year 2024–25.

“By 2030, we can more than double it to $30bn, including goods and services,” Goyal noted.

Goyal emphasised that 2025 will be a “defining year” in the partnership between the two countries.

“With the visit of His Highness the Amir of Qatar, Sheikh Tamim bin Hamad al-Thani, to India in February, the partnership became a “strategic” one. 

This was followed by the visit of HE the Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal al-Thani to India in August.

“And now with my visit to Qatar, very clearly 2025 will be a defining year in this partnership,” Goyal noted.

The Indian minister highlighted the amount of growth that is being seen, both in India and in Qatar.

“India being the fastest growing large economy of the world and Qatar being amongst the prominent growing economies in the Middle East, there is a fabulous future waiting for all of us in the years to come,” Goyal said.

He said the growth in bilateral trade will come from investments, both ways.

“I think the growth will come out of services, goods, food products, technology, innovation, artificial intelligence and data centres that are coming up in the two countries.”

Goyal highlighted the “rapid strides” made by the the Indian economy in recent years.

“India is one of those countries, which offer some of the best returns on investments. And that has only been possible because the leadership of Prime Minister Narendra Modi has strengthened India's macroeconomic fundamentals... has developed an economy, which is growing on both pillars of massive investments on infrastructure and consumption-led demand.”

He noted that the rapid development in India’s infrastructure helps bring down logistics costs and make Indian industry more competitive. 

It generates the multiplier impact that investments always have on the economy, on the demand for goods and services, on mobility of people, better quality of life and ease of doing business.

“Prime Minister Narendra Modi’s vision is to make India a developed prosperous nation - ‘Vikasit Bharat’ - by 2047, when we celebrate 100 years of our independence. Our economy is poised to grow from $4tn today to $32tn by 2047.”

He said India has now one of the “best performing” stock exchanges in the world.

“If you recall, some 11 years ago, when Prime Minister Modi took charge, NIFTY 50 - an Indian stock market index - was at about 5,700 points. It has crossed 25,000 points now - a more than four-fold growth!

“And despite all the turbulence... all the difficulties... all the uncertainties around the world, the Indian stock market is an oasis of stability. 

The Indian economy is powering the world economy, world growth,” Goyal said.

He pointed out that India’s first quarter growth was at 7.8%.

“Our exports in the first six months have grown by between 4% and 5%. It only goes to demonstrate the resilience of the Indian economy... the huge potential that is awaiting your participation. And I invite all of you to join us in India, in this journey of our growth and prosperity.”