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Informist, Wednesday, Sep 25, 2024

 

NEW DELHI – Finance Minister Nirmala Sitharaman and her Qatari counterpart Ali bin Ahmed Al Kuwari today agreed to look to collaborate to facilitate cross-border payments, digital transactions and finalisation of bilateral investment treaty in a fast-track mode. The two ministers met during Sitharaman's visit to Uzbekistan. The discussions involved bilateral trade, investments, digital public infrastructure and bilateral investment treaty, among others, the ministry said in a post on micro-blogging site X, formerly Twitter.

India's growing economy makes it an "excellent destination" for Qatari entities to invest in energy, infrastructure, logistics, hospitality, food security and start-up sectors, Sitharaman said at the meeting. Kuwari also welcomed the idea of exploring the huge potential of foreign direct investment in India, the ministry said. 

 

The two countries have been engaging in bilateral talks regularly – the latest being the Joint Working Group meeting in July - where both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. India's total trade with Qatar in 2023-24 (Apr-Mar) was to the tune of $14.04 bln, lower than $18.77 bln the previous year. This committee will next meet in 2025 in New Delhi.

 

India is the second-largest trading partner to Qatar. India imports liquefied petroleum gas, crude oil, organic chemicals, plastics, fertilisers, among other commodities from Qatar. Key exports from India are iron and steel articles, cereals, vehicle parts, nuclear reactors, and gems and jewellery.

 

On cross-border payments, the Indian government has been making efforts to extend digital payments beyond its borders. At present, Unified Payment Interface is operational in seven countries, including key markets such as the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, allowing consumers and businesses to make and receive payments internationally. 

 

In July, National Payments Corp of India's subsidiary, NPCI International Payments Ltd, had signed an agreement with Qatar-based financial conglomerate QNB to launch quick-response-code-based Unified Payments Interface across the West Asian nation.

 

"This partnership will provide Indian tourists the option to use their preferred payment method across retail stores, tourist attractions, leisure sites, duty-free shops and hotels," the financial payments provider had said. QNB Group is the most valuable bank in West Asia and Africa.  End

 

US$1 = 83.59 rupees

 

Reported by Priyasmita Dutta

Edited by Vandana Hingorani

 

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