India-Qatar Strengthen Economic Ties with New Trade Initiatives and Digital Payment Adoption

Union Commerce and Industry Minister Piyush Goyal co-chaired the India-Qatar Ministerial Joint Commission on Economic and Commercial Cooperation alongside Qatar's Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani. They affirmed a commitment to bolstering India-Qatar trade, referencing a strategic push following His Highness the Amir of Qatar's visit to India earlier this year.

During his inaugural visit to Qatar, Goyal, with senior Indian officials, engaged in comprehensive discussions aimed at reviewing bilateral trade, tackling existing trade barriers, and investigating avenues to boost trade flows. Key topics included the potential India-Qatar Free Trade Agreement and the finalization of a Comprehensive Economic Partnership Agreement to enhance bilateral economic ties.

In a notable move, LuLu Hypermarket Qatar initiated UPI acceptance across its stores, marking a first for major retail chains in the country. This strategic partnership with QNB and NPCI International Payments Limited employs NETSTARS' technology to facilitate secure digital payments, benefiting Indian visitors by simplifying transactions and reducing reliance on cash, thus also aiding the local retail and tourism sectors.

This UPI rollout not only underscores the global expansion of India's digital payment infrastructure but also positions Qatar as a leader in cross-border digital payment solutions. Increased transaction volumes at LuLu stores are anticipated, reflecting a shift towards cashless commerce, aligning with the economic synergy between India and Qatar.

(With inputs from agencies.)