- India's UPI payment system is now officially launched in Qatar.
- Both nations aim to double their bilateral trade by 2030.
- Qatar reaffirmed its commitment to invest USD 10 billion in India.
- Negotiations for a free trade agreement (CEPA) will be fast-tracked.
- The visit signals a stronger, upgraded strategic economic partnership.
Source: PIB
In a landmark move for India’s digital payment ecosystem, Unified Payments Interface (UPI) services were officially launched in Qatar. The launch was announced by the Union Minister of Commerce and Industry, Shri Piyush Goyal, during his official visit to Doha, marking a significant milestone in the India-Qatar strategic economic partnership. This development will enable seamless and instant digital transactions for the large Indian diaspora and local citizens, further deepening the financial and technological collaboration between the two nations.
The launch was a key highlight of Shri Goyal’s visit, where he co-chaired the first meeting of the upgraded India–Qatar Joint Commission on Economic and Commercial Cooperation. The visit underscored a strong commitment from both countries to expand their economic engagement, with digital cooperation being a priority sector.
While the UPI launch took center stage, the visit also focused on broadening the overall economic relationship. Here’s a look at the other key discussions and outcomes from the bilateral meetings:
- Goal to Double Bilateral Trade: Both nations have set an ambitious target to double their bilateral trade, which stood at over USD 14 billion in 2024-25, by the year 2030. New opportunities in energy, manufacturing, technology, and green growth were identified as key drivers.
- Economic Partnership Agreement: Both sides agreed to fast-track the finalization of terms to begin formal negotiations on the India–Qatar Comprehensive Economic Partnership Agreement (CEPA), which will further liberalize trade and investment.
- Major Investment Commitment: The discussions acknowledged Qatar’s announcement to invest USD 10 billion in India, with both countries committed to unlocking new avenues for mutually beneficial investments, particularly in India’s infrastructure and industrial sectors.
- Broadening Cooperation: Emphasis was placed on strengthening collaboration in other priority areas such as healthcare, agriculture, tourism, and culture.
During his visit, Shri Goyal also addressed the first meeting of the India–Qatar Joint Business Council (JBC), highlighting India’s position as one of the world’s fastest-growing major economies and an emerging hub for innovation and technology under the vision of a developed India by 2047.
The Minister interacted with members of the Indian community and business councils in Qatar, acknowledging their vital role in building a bridge that enhances the economic ties between the two nations. The successful visit concluded with a shared vision for a forward-looking and resilient economic partnership built on mutual trust, technological collaboration, and strong people-to-people connections, now further cemented by the convenience of UPI.
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