India will most likely finalise the terms of reference for its proposed trade deal with Qatar in October, government sources told NDTV Profit.
India and Qatar are exploring a potential Free Trade Agreement (FTA) to boost economic cooperation.
In February, India and Qatar elevated their relationship to a strategic partnership and agreed to double bilateral trade to USD 28 billion over the next five years. The two sides also signed two agreements in the presence of Prime Minister Narendra Modi and the Amir Sheikh Tamim Bin Hamad Al-Thani in New Delhi. While the first is on establishment of a strategic partnership, a second agreement on revised double taxation avoidance was also signed.
The two sides also signed five memoranda of understanding (MoUs) to strengthen economic partnership, step up ties in areas such as management of archives and cooperation in youth affairs and sports.
Other outcomes in trade and investment sector included decision of Qatar Investment Authority (QIA) to open an office in India; both sides agreeing to explore an India-Qatar Free Trade Agreement; operationalisation of India's UPI at Qatar National Bank (QNB) Point of Sales in Qatar; and expansion of Qatar National Bank presence in India by setting up an office in the GIFT City in Gujarat.
The Qatar side 'welcomed extension of e-visa facility' by India to Qatari nationals, it said as the two sides also welcomed the decision to celebrate 'India-Qatar Year of Culture, Friendship and Sports in the near future'.
Modi and the Amir held talks with focus on trade, investments, technology, energy and people-to-people ties, further cementing the 'deep and traditional relationship' between the two countries, the MEA said.
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