India and Qatar are likely to finalise the Terms of Reference (ToR) for the proposed free trade agreement (FTA) this week.
Both sides will discuss the way forward on finalisation of ToR of Comprehensive Economic Partnership Agreement (CEPA) during commerce and industry minister Piyush Goyal’s two-day visit to Doha beginning Monday, a commerce ministry statement said.
ToR sets the scope, objectives, and parameters for the negotiation of deliberations of an FTA. Signing of ToR of the first step before the start of negotiations.
During his visit, Goyal will co-chair the Qatar-India Joint Commission on Trade alongside Qatar’s minister of commerce and industry, Sheikh Faisal bin Thani.
Beyond trade barriers to finance and health
Goyal is also accompanied by senior officials from different ministries. The two sides are expected to hold wide-ranging discussions reviewing bilateral trade performance, addressing existing trade barriers and non-tariff issues, and exploring avenues to enhance trade and investment flows, the statement said.
Cooperation in other key sectors such as finance, agriculture, environment, tourism, culture, and healthcare will also form part of the discussions.
A business delegation consisting of senior representatives of industries is also accompanying the Union minister for the first meeting of the India Qatar Joint Business Council.
Bilateral trade: Skewed by dominant energy imports
Qatar had committed investments of $10 billion to India and agreed to open an office of Qatar Investment Authority (QIA) during the state visit of the Amir of the state of Qatar to India in February 2025.
India-Qatar bilateral trade of $14.14 billion is heavily tilted against India. Against India’s $1.68 billion exports, the imports from Qatar stood at $12.46 billion.
The trade relationship remains heavily skewed toward energy imports, with petroleum crude and gas products making up nearly 90% of India’s total imports from Qatar, according to the Global Trade Research Initiative (GTRI).
Key energy components included liquefied natural gas ($6.39 billion), liquefied butanes ($1.67 billion), liquefied propane ($ 1.54 billion), petroleum crude ($1.06 billion), other petroleum products ($ 407 million).