Focus on security, trade; Qatar to invest $10 bn in India
New Delhi:Reaching a “new milestone” in bilateral relationships, Prime Minister Narendra Modi and Emir of Qatar Sheikh Tamim Bin Hamad Al-Thani on Tuesday decided to elevate “special” ties between India and Qatar to a strategic partnership level with a focus on security, trade, investments, technology and energy. Also, Qatar announced a commitment to invest $10 billion in India.
Two agreements and five MoUs were signed following the wide-ranging talks between the Prime Minister and the Emir at the Hyderabad House. The two leaders also decided to double their trade in the next five years. Out of the two agreements, one is on the establishment of a strategic partnership between the two countries and the second is a revised agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
India and Qatar are also exploring the possibility of signing a free trade agreement (FTA) with each other, said ministry of external affairs secretary (CPV and OIA) Arun Kumar Chatterjee. He added that India and the Gulf Cooperation Council (GCC) at this moment are “negotiating about having an FTA”. Out of six GCC countries, India already has an independent FTA with the UAE, while negotiations are in the advanced stage with Oman.
Apart from bilateral issues, regional and global issues of mutual interest, such as the evolving situation in West Asia and the Hamas and Palestine crisis, were also discussed, said the officials, adding that India explained its position to the Qatar side.
A joint statement issued at the end of talks said, “The two leaders unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism, and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and strengthening cooperation in law enforcement, anti-money laundering, drug trafficking, cybercrime and other transnational crimes.”
“The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasised the importance of holding regular meetings of the joint committee on security and law enforcement,” the statement said.
The Emir of Qatar was on a two-day visit to India at the invitation of the Prime Minister. This is his second state visit to India. He earlier visited India in March 2015. Modi had received the Emir at the airport on Monday night. He was accorded a ceremonial welcome ahead of talks on Tuesday at Rashtrapati Bhavan. Later, President Droupadi Murmu hosted a dinner in his honour. The Emir of Qatar was accompanied by a high-level delegation, including ministers, senior officials and 38 business leaders.
Qatar’s commerce and industry minister Sheikh Faisal bin Thani bin Faisal Al Thani, at a later event, said India has become its third largest trading partner and Qatar is ready to take steps to speed up the negotiations for a new bilateral investment promotion and protection agreement with India.
The joint statement said that India and Qatar have agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.
The Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. The Qatar side expressed interest in exploring investment opportunities in sectors like infrastructure, technology, manufacturing, food security, logistics, hospitality and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest $10 billion in India.
Additionally, according to the joint statement, India and Qatar have agreed to implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. The two sides welcomed the operationalisation of India’s Unified Payment Interface (UPI) in QNB’s Points of Sale in Qatar and looked forward to implementing a nationwide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through the setting up of an office in GIFT City, the statement said.
The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.
