India will soon be finalizing the terms of reference for its proposed free trade agreement (FTA) with Qatar in early October, signaling a fresh push in its broader trade diversification strategy, confirmed sources from the Ministry of Commerce on Monday.
Commerce minister Piyush Goyal is expected to travel to Qatar in the first week of October to firm up the negotiation blueprint. The FTA with Qatar will be advanced as a part of the Comprehensive Economic Partnership Agreement (CEPA). Both India and Qatar have set an ambitious goal to achieve bilateral trade up to $28 billion by 2030.
Simultaneously, India is also advancing multiple other trade negotiations. Talks with the European Union have gained momentum, as part of efforts to formalise an FTA. Delegates from the EU have come to India and discussions will be happening over this week for the 13th round FTA negotiations. Piyush Goyal is also expected to hold a bilateral meeting with the EU’s Trade Commissioner on September 12, according to a government source.
Discussions with New Zealand, Chile, Peru, Oman (pending formal signing), and the Russia-led Eurasian Economic Union are also underway. The fast-tracking of proposed FTA talks comes amid global trade headwinds, as India faced a whopping 50% tariff from the US. In response to rising US tariffs and other geo-political headwinds — the government is doubling down on alternative trade routes and partners.
India's expanding negotiations underscore its strategic pivot toward export diversification. This includes FTAs with regions beyond the US, aimed at
safeguarding domestic stakeholders—especially farmers and small enterprises—while sustaining India’s export. However, sources confirmed that despite several challenges India is still engaging with the US at a diplomatic level. India is aiming to engage with the US on a
mutually beneficial multi-sector trade agreement, while safeguarding sensitive sectors such as dairy, agriculture, fisheries, and MSMEs.