India is likely to finalize the terms of reference for a proposed free trade agreement with Qatar in early October, a government source said on Monday, as it pushes to forge deeper global partnerships and offset the impact of US tariffs.
Trade Minister Piyush Goyal could visit Doha on October 6 to conclude the framework for negotiations, the government source, who asked not to be named as the details of trade discussions are still not public, told reporters.
During a February visit to India by Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, both sides agreed to elevate their partnership and double bilateral trade to $28 billion within five years.
Qatar has also announced plans to invest $10 billion in India in infrastructure, technology, manufacturing, food security, logistics, hospitality, and other sectors.
India and Qatar already have close energy cooperation and last year renewed a long-term deal for the supply of liquefied natural gas to India for 20 years starting in 2028.
After US President Donald Trump imposed additional 25 percent tariffs on Indian goods for buying Russian oil last month, doubling total duties to 50 percent, New Delhi is accelerating efforts to deepen trade ties with other partners.
It is also seeking a free trade pact with the European Union, India’s biggest trading partner in goods, later this year.
Exporter groups estimate the US tariffs could affect nearly 55 percent of India’s $87 billion in merchandise exports to the United States, while benefiting competitors such as Vietnam, Bangladesh, and China.
India also aims to sign bilateral trade pacts with Oman, Chile, and Peru, part of its push to boost exports and diversify markets, while protecting farmers and small businesses, the source added.
