Qatar Seeks Free Trade Agreement with India, Says Goyal
Qatar seeks trade deal as India’s global trade expands.
Commerce and Industry Minister Piyush Goyal revealed that Qatar is eager to negotiate a Free Trade Agreement (FTA) with India, signaling a new chapter in bilateral economic ties. Speaking at an event in New Delhi, Goyal also confirmed that an FTA with Oman is nearing completion, while Saudi Arabia has expressed keen interest in similar trade discussions. These developments underscore India’s growing prominence in global trade amidst challenging international dynamics.
Goyal addressed exporters’ concerns about global trade uncertainties, particularly those stemming from unilateral actions by certain nations. He assured comprehensive government support to mitigate these challenges, emphasizing proactive consultations with stakeholders, including Indian Missions abroad, to diversify export markets. “Our exports this year will surpass last year’s figures,” Goyal confidently stated, highlighting India’s resilience despite its modest 2% share in global trade.
The minister also noted that approximately 40% of India’s exports to the United States are exempt from the impact of 50% tariffs, softening the blow of recent trade disruptions. Domestically, Goyal pointed to upcoming GST reforms as a catalyst for boosting consumption, which is expected to further strengthen India’s economic momentum.
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In addition to the prospective Qatar deal, Goyal revealed that negotiations for an FTA with the European Union are progressing rapidly, positioning India as a key player in global trade networks. The minister’s remarks reflect a strategic push to expand India’s trade footprint, leveraging both regional and international partnerships to drive economic growth.
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