NEW DELHI, Feb 18: India and Qatar have reached a major agreement to double their bilateral trade to USD 28 billion within the next five years, elevating their relationship to a strategic partnership. This development came after extensive discussions between Prime Minister Narendra Modi and Amir Sheikh Tamim Bin Hamad Al-Thani.
The two nations signed two key agreements during the meeting, including one to formalize their strategic partnership and another revising their double taxation avoidance agreement.
Additionally, five memoranda of understanding (MoUs) were signed to enhance economic collaboration and bolster ties in areas such as archival management, youth affairs, and sports.
According to Arun Kumar Chatterjee, Secretary of the Ministry of External Affairs, the strategic partnership marks a significant enhancement in bilateral relations, particularly in trade, energy security, and engagement in regional and international forums.
Chatterjee further stated that the agreement encompasses “the entire spectrum” of their bilateral relationship, with a roadmap for future cooperation being drawn up for implementation.
Modi and the Amir’s discussions revolved around trade, investments, technology, energy, and fostering people-to-people connections, thereby strengthening the longstanding relations between the two countries, as highlighted by the MEA.
They also set a target to boost bilateral trade from the current USD 14 billion to USD 28 billion over five years.
During Modi’s visit to Qatar last year, India secured a USD 78 billion agreement to extend LNG imports from Qatar for an additional 20 years, starting from 2048 at rates lower than before.
The leaders touched on various “regional and global issues” of mutual interest, including the ongoing situation in the Middle East. Both expressed their respective positions regarding the Israel-Hamas conflict, exchanging views on the matter.
When asked whether defense cooperation would be included in the strategic partnership, Chatterjee confirmed that there are no discussions on defense at this moment.
Earlier in the day, the Amir received a ceremonial guard of honor at Rashtrapati Bhavan, welcomed by President Droupadi Murmu, with Modi present during the ceremony.
The Amir’s visit marks nearly a year since Modi’s trip to Qatar in February 2024, and Modi extended a special welcome at the airport upon the Amir’s arrival.
India and Qatar share ‘deep-rooted friendly relations founded on historic trade and cultural connections,’ celebrating 50 years of diplomatic relations in 2023.
The Amir was accompanied by a high-level delegation, including Qatar’s Prime Minister and Foreign Minister, Sheikh Mohammed Bin Abdulrahman Al Thani, alongside ministers responsible for commerce, energy, electronics, labor, and state foreign trade.
Several CEOs from major Qatari firms, including the Qatar Investment Authority and Qatar Tourism, are part of the delegation.
Later in the evening, the Amir is scheduled to meet with President Murmu, who will host a banquet in his honor and that of his delegation.
Qatar plays a vital role in investments in India, as leaders identified various sectors, including infrastructure, ports, renewable energy, and new technologies like AI and robotics, where the Qatar Investment Authority can enhance investments in India.
A Joint Business Forum also took place, providing a platform for top industrialists and businesses from both countries to engage in productive discussions.
The previous virtual meeting of the Joint Business Council between India and Qatar is expected to lead to greater mutual investments following the Amir’s visit.
The two nations share a dynamic energy partnership, with Qatar being a key source of LNG for India. Notably, both leaders acknowledged the agreement signed in February 2024 for the supply of LNG from Qatar to India for 20 years starting in 2028, involving 7.5 million metric tonnes per annum.
They also explored further strengthening and broadening their energy collaboration, aiming for mutual investments. The Amir’s visit was deemed an excellent opportunity for both countries’ leaders to discuss and solidify a strategic partnership for future cooperation, as stated by the MEA official. (PTI)
