Syllabus:
GS-2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
Context:
Recently, the Union Commerce Minister held that the bilateral trade between India and Qatar has potential to double to $30 billion by 2030.
More on the News
Union Minister of Commerce and Industry launched India’s Unified Payments Interface (UPI) at the Lulu Mall in Doha.
- This makes Qatar the eighth nation to accept UPI. Currently, UPI is accepted in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
During the India–Qatar Joint Business Council (JBC) meeting, the Union Minister of Commerce and Industry welcomed Qatar’s long-term LNG supply agreement of 7.5 million tonnes per year starting 2028.
Importance of Qatar for India
- Energy Security: Qatar is now India’s largest supplier of liquefied natural gas, accounting for 40% of the country’s total LNG imports.
- Investment: Qatar’s sovereign wealth fund has invested USD 1.5 billion in India, and the joint statement announced a commitment by Qatar to invest an additional USD 10 billion in the country.
- Strategic Partnership: Qatar is a key partner in India’s Look West policy, helping strengthen ties with Gulf Cooperation Council nations like the UAE, Saudi Arabia, Oman, and Kuwait to boost energy security and trade.
- Geopolitical Significance: Qatar’s mediation in major conflicts, including Afghanistan and the Israel-Palestine issue, enables India to participate in regional affairs without direct involvement.
Sources:
orfonline
Indian Express
bilateral