India and Qatar on Tuesday elevated their ties to strategic partnership and decided to double the current trade of $14 billion in the next five years at the summit held here between PM Narendra Modi and Qatar Emir Sheikh Tamim Bin Hamad Al Thani.Two agreements and five memorandums of understanding were signed during the visit. The first agreement is on the establishment of a bilateral strategic partnership. A revised double taxation avoidance agreement was also signed. Both the sides also signed MOUs during the visit, including on economic partnership, cooperation in the area of archives and documentation and youth affairs and sports.

Trade, investment and energy were among the major topics of discussion between the two leaders. The Middle East situation also came up for discussion, officials here informed. Both sides conveyed their mutual positions that they have on the Israel-Hamas issue.

Boosting trade & investments

The trade between India and Qatar stands at about $14 billion annually, with both sides targeting to double it in the next five years, Arun Chatterjee, Secretary (CPV & OIA) MEA, told the media.Qatar is also a key investment partner, with its Sovereign Wealth Fund – the Qatar Investment Authority (QIA) – holding about $1.5 billion in FDI across sectors like retail, power, IT, education, and health. Both leaders identified areas for further QIA investment, including infrastructure, shipbuilding, renewable energy, smart cities, and emerging technologies like AI and robotics.

A Joint Business Forum was held under the co-chairmanship of the commerce ministers of both nations, where leading industrialists and institutions engaged in discussions. The two sides also agreed to explore the possibility of a Free Trade Agreement (FTA) and elevate the Joint Working Group on Trade and Commerce into a Joint Commission.

On the sidelines, Invest India and Invest Qatar signed an MOU to boost mutual investments, while the CII and the Qatar Businessmen Association formalized a partnership to enhance business networks.

Strengthening energy & security cooperation

India and Qatar share a strong energy partnership, with Qatar being a major LNG supplier to India. In February 2024, Qatar Energy and Petronet LNG signed a 20-year deal for the supply of 7.5 million metric tonnes of LNG annually, starting in 2028.

The leaders discussed expanding energy ties, including potential mutual investments. They also condemned terrorism in all forms, including cross-border terrorism, and pledged to enhance cooperation in intelligence sharing and counterterrorism efforts through bilateral and multilateral mechanisms.