India, Qatar aim to double trade to USD 28 billion over next five years

New Delhi, Feb 18 (PTI) India and Qatar on Tuesday agreed to double bilateral trade to USD 28 billion over the next five years and announced elevation of their relationship to the level of strategic partnership as Prime Minster Narendra Modi held talks with Amir Sheikh Tamim Bin Hamad Al-Thani.

The two sides also signed two agreements - one on establishing strategic partnership and another on Revised Double Taxation Avoidance Agreement and signed five memoranda of understanding to strengthen economic partnership, step up ties in areas such as management of archives, and cooperation in youth affairs and sports.

"The strategic partnership agreement actually elevates the present state of bilateral relationship to a strategic level. What we are looking at is deepening cooperation in fields of trade, energy security, as well as in regional and international fora," Arun Kumar Chatterjee, Secretary, Ministry of External Affairs, told reporters here.

He said Modi and the Qatari Amir also decided to set a target to double bilateral trade from the current USD 14 billion to USD 28 billion over the next five years.

Last year, during Modi's visit to Qatar, India had signed a USD 78 billion deal to extend LNG imports from the Gulf nation by another 20 years till 2048 at rates lower than the then prevailing prices.

Modi and the Amir held wide-ranging talks with focus on trade, investments, technology, energy and people-to-people ties, further cementing the "deep and traditional relationship" between the two countries.

They also exchanged views on "regional and global issues" of mutual interest, the Ministry of External Affairs said.

Earlier in the day, the Amir of Qatar was accorded a ceremonial guard of honour at the Rashtrapati Bhavan as President Droupadi Murmu welcomed the visiting leader. Modi was also present on the occasion.

India and Qatar have deep-rooted historical ties of friendship, trust and mutual respect. In recent years, the ties between the two countries, including in the areas of trade, investment, energy, technology, culture and people-to-people relations, have continued to strengthen, the MEA earlier said.

The Amir of Qatar arrived here on Monday evening, his visit coming almost a year after Modi had visited the Gulf nation in February 2024.

Extending a rare gesture of hospitality, Modi received the Amir at the Delhi airport on Monday evening. He welcomed him with a warm handshake and hug, displaying the bonhomie between the two leaders. PTI KND SKU ZMN

Source: PTI