Strengthening ties in the Gulf
On Thursday the Qatari minister met Goyal. Both sides discussed strengthening bilateral trade and investment and deepening cooperation across key sectors including energy, infrastructure, pharma, food processing and fintech, the commerce minister had posted on ‘X’.
ALSO READShrimp exports seen to decline by 18% in FY26
The delegation from Qatar also held high-level stakeholders’ meeting with the Department of Economic Affairs. That meeting was co-chaired by Shri Pankaj Chaudhary, Union Minister of State for Finance and Ahmad bin Mohammed Al Sayed.
Qatar had committed investments of $10 billion to India and agreed to open an office of Qatar Investment Authority (QIA) during the state visit of the Amir of the State of Qatar to India in February 2025.
Broader global pacts
Negotiations for India–Oman Comprehensive Economic Partnership Agreement (CEPA). have already been concluded.
Goyal also said India is negotiating trade pacts with the European Union (EU), the US, New Zealand, Chile, and Peru. These agreements, he said, will open up new opportunities, markets, and investment possibilities.
Negotiations with the EU are moving at a faster pace, Goyal said, adding Commerce Secretary Sunil Barthwal is visiting Brussels next week to take stock of the trade pact talks.
The India-EU official team will meet for the 13th round of negotiations from September 8 in New Delhi. After that, European Commissioner for Trade Maros Sefcovic is likely to visit India to take stock of the progress.
ALSO READAt 7.8%, Q1 GDP growth beats estimates
Saudi Arabia, too, is interested through the six-member GCC (Gulf Cooperation Council) bloc for a trade agreement. GCC members are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
India and the five-nation Eurasian Economic Union bloc signed terms of reference to start formal negotiations for a proposed free trade agreement earlier this month. The Eurasian Economic Union (EAEU) includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
“The whole world wants to increase trade with India,” Goyal said.