Piyush Goyal says India-Qatar trade can double to $30 bn by 2030; launches UPI at Lulu mall

Union commerce Minister Piyush Goyal on Tuesday said the bilateral trade between India and Qatar has potential to double to $30 billion by 2030.

“We have discussed that we should quickly launch FTA negotiations (between India and Qatar). We are discussing the contours of the terms of reference,” Goyal added.

Goyal, who is on a two-day official visit to Doha, inaugurated the Unified Payments Interface (UPI) at LuLu Mall, The Pearl Island today. This stems from a partnership between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japan’s NETSTARS.

“UPI is a platform that connects people, trade and countries. Today, governments and banks are realising that UPI is a simple way of increasing trade. I thank the Qatar National Bank for taking up UPI as a part of their payment systems.  I encourage other banks in Qatar to adopt UPI so that Qatar and India become a future-ready partnership,” Goyal said.

QNB has enabled QR code-based UPI payments at point-of-sale terminals across Qatar, with LuLu Hypermarket, owned by Indian-origin entrepreneur Yusuffali M.A., becoming the first retail chain to implement the system.

This makes Qatar the eighth nation to accept UPI. The launch follows the rollout of UPI at Hamad International Airport’s duty-free outlets last month.

He was co-chairing the India–Qatar Joint Commission on Economic and Commercial Cooperation (JCEC) with Qatar’s Commerce and Industry Minister H.E. Sheikh Faisal bin Thani bin Faisal Al Thani. The two ministers reviewed the overall trade and investment partnership, discussed ways to remove trade barriers, and reaffirmed their commitment to negotiating an India–Qatar Comprehensive Economic Partnership Agreement (CEPA). Goyal also held meetings with senior Qatari officials and corporate leaders to explore opportunities for investment, technology collaboration, and joint ventures. The current bilateral trade between the two nations amount to $14 billion.

During the India–Qatar Joint Business Council (JBC) meeting, he welcomed Qatar’s long-term LNG supply agreement of 7.5 million tonnes per year starting 2028, while underscoring the need to diversify and boost India’s exports. The key areas, Goyal identified, for promoting cooperation between the nations include electronics, automobiles, pharmaceuticals, processed food, textiles, gems and jewellery, IT, renewable energy, and high-tech industries.

He said that UPI will particularly benefit the 8.3 lakh Indian diaspora present in Qatar, making remittances to India faster and more affordable.

Currently, UPI is accepted in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.