Union Finance Minister Nirmala Sitharaman, who concluded a three-day visit to Doha on Tuesday, discussed finalising the proposed Bilateral Investment Treaty (BIT) and expediting negotiations for a Free Trade Agreement (FTA) between India and Qatar during her meetings with Qatar’s Minister of Finance Ali bin Ahmed Al-Kuwari and Minister of State for Foreign Trade Ahmad bin Mohammed Al-Sayed.
The two finance ministers also discussed expanding the Unified Payments Interface (UPI) in Qatar, as India seeks to deepen financial and economic linkages with the Gulf nation.
“The leaders discussed expansion of Indian UPI payments across Qatar; implementation of $10 billion Qatari investment commitment in India; engagement with National Infrastructure and Investment Fund; and finalisation of the Bilateral Investment Treaty. They also discussed the Double Taxation Avoidance Agreement as a strengthened framework for trade, investment and tax certainty,” the Ministry of Finance said in a post on X.
During her meeting with Qatar’s Minister of State for Foreign Trade, Sitharaman emphasised the importance of restoring normal trade between India and Qatar and other Gulf countries, including unimpeded maritime navigation and commerce through the Strait of Hormuz. The two ministers agreed to accelerate negotiations for an FTA.
She also addressed the Qatari Businessmen Association (QBA) Business Roundtable. She highlighted the emerging opportunities for business in India and encouraged the association to actively explore trade and investment partnerships to further strengthen bilateral economic ties.
Sitharaman held discussions with the Qatari ministers and industry representatives on the sidelines of the Asian Infrastructure Investment Bank’s (AIIB’s) annual meeting in Doha on Monday and Tuesday. Department of Economic Affairs Secretary Anuradha Thakur accompanied the finance minister during the visit.
In a meeting with AIIB President Zou Jiayi, Sitharaman said AIIB could further expand beyond physical infrastructure financing to include newer infrastructure focusing on AI, MSMEs and skilling. “FM noted that MSMEs are the backbone of India’s economy, and assistance for AI adaptability and manpower training can help MSMEs,” the Ministry of Finance said in a post on X.
During the visit, Sitharaman also held bilateral meetings with finance and economic ministers from Saudi Arabia, Jordan and Nepal.
With Saudi Arabia’s Finance Minister Mohammed Al-Jadaan, Sitharaman discussed strengthening bilateral investment ties following the successful conclusion of negotiations on the India-Saudi Arabia BIT. Al-Jadaan expressed interest in attracting investments from India.
With Nepal’s Finance Minister Swarnim Wagle, Sitharaman discussed Nepal’s reconstruction and recovery priorities following the floods. The two ministers also reviewed the early operationalisation and utilisation of the fast payment system linkage to facilitate digital payments connectivity between the two countries.
Sitharaman and Jordan’s Minister of Planning and International Cooperation Zeina Zeid Toukan discussed food security, fertilisers, trade and investment. Sitharaman noted that India is Jordan’s fourth-largest trading partner and highlighted the target of raising bilateral trade to $5 billion by 2030.
