As Commerce and Industry minister Piyush Goyal is set to begin his two-day visit to Doha from October 6, India and Qatar are expected to finalise the terms of reference (ToR) for a proposed free trade agreement (FTA) this week. According to the trade policy think-tank GTRI report, India–Qatar trade stood at $14.15 billion in FY 2025, heavily skewed toward energy imports. India ran a $10.78 billion trade deficit, with petroleum crude and gas products accounting for nearly 90% of imports. Key imports included liquefied natural gas ($6.39 billion), liquefied butanes ($1.67 billion), liquefied propane ($1.54 billion), and petroleum crude ($1.06 billion).India exported $1.68 billion to Qatar, led by iron and steel ($154 million), basmati rice ($123 million), and gold and precious metal jewellery ($110 million). Non-energy imports, including fertilisers, chemicals, plastics, and aluminium, totaled $1.24 billion, reflecting only 11% of total imports.“The evolving India–Qatar partnership reflects a pragmatic convergence of needs — Qatar’s quest for diversified security and investment partners and India’s pursuit of stable energy supplies and regional influence. While trade remains heavily dominated by hydrocarbons, both countries recognize the need to broaden cooperation into new sectors such as chemicals, fertilizers, metals, and engineering goods.” Founder of GTRI, Ajay Shrivastava noted in a report. “Unless trade is balanced, prereferral trade agreement giving concessions on petrochemicals may not be in India’s favour. Joint ventures in energy infrastructure, technology collaboration, and cross-border investments can help reduce India’s trade deficit and reinforce Qatar’s role as a trusted long-term partner. As global power dynamics shift toward a multipolar order, a stronger India–Qatar axis promises mutual resilience, economic complementarity, and greater strategic autonomy for both nations.” Ajay Srivastava noted. The report notes that the September 2025 Israeli airstrike in Doha highlighted Qatar’s need to diversify partnerships, and India is seen as a stable, reliable partner in Asia, offering energy security, strategic access, and a market for industrial goods. Over 800,000 Indians working in Qatar further strengthen people-to-people links and remittance flows.The GTRI report highlights that while energy are bedrock of India–Qatar trade, both countries recognise the need for broader diversification. The report recommends expanding imports in chemicals, fertilisers, and metals to reduce hydrocarbon dependence, boosting exports of engineering goods, machinery, and value-added food products, and exploring joint ventures in energy infrastructure and technology collaboration to lower the trade deficit and reinforce strategic ties.