Piyush Goyal met with Minister Delegate of France for Foreign Trade and French Nationals Abroad
In a significant diplomatic engagement, Shri Piyush Goyal, the Union Minister for Commerce and Industry of India, met with H.E. Ms. Sophie Primas, the Minister Delegate of France for Foreign Trade and French Nationals Abroad. This meeting marked the first interaction between the two ministers since the recent elections in India and France. The discussions focused on trade, investment, and various issues of mutual interest. Senior officials from both nations were also present, emphasizing the importance of this dialogue in enhancing bilateral relations.
Progress on Trade Agreements
During their discussions, both ministers acknowledged the progress made in ongoing negotiations for the India-EU Free Trade Agreement (FTA), the Investment Protection Agreement, and the Agreement on Geographical Indications. Minister Goyal stressed the necessity for stronger political direction to expedite the conclusion of the India-EU FTA. He highlighted the importance of understanding India’s unique development path among EU countries, especially concerning sustainability and social measures. The principle of Common but Differentiated Responsibility (CBDR) was also a focal point in their discussions, as it plays a crucial role in addressing the diverse needs of developing nations like India.
The ministers recognized that a successful FTA could significantly enhance trade relations between India and the European Union. They expressed optimism about the potential benefits of these agreements, which could lead to increased investment and economic cooperation. The dialogue underscored the need for a collaborative approach to overcome challenges and ensure that both nations can benefit from a robust trade partnership.
Engaging with Business Leaders
Earlier in the day, Minister Goyal and Minister Primas jointly addressed the 14th India-France CEO Forum. This event brought together prominent business leaders from both countries, highlighting the critical role of industry in fostering economic cooperation. Minister Goyal invited French business leaders to explore investment opportunities in India, which is poised to become the world’s fifth-largest economy. With a projected economic growth rate of 7-8% over the next two decades, India presents a wealth of opportunities for foreign investors.
The forum served as a platform for discussing various sectors where Indian and French companies could collaborate. Minister Goyal emphasized the importance of strong business ties in driving economic growth and innovation. He encouraged French companies to leverage India’s growing market and skilled workforce. The discussions at the forum aimed to strengthen the economic partnership between the two nations, paving the way for future collaborations.
Addressing Challenges in Trade
The ministers also attended the inauguration of the French Foreign Trade Advisors’ Asia Pacific Forum (APAC) 2024. Minister Goyal raised concerns regarding challenges faced by Indian exporters due to the European Union’s green economy measures, such as the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR). He appreciated the ongoing bilateral dialogue between India and France on economic issues, particularly regarding resilient supply chains.
The APAC Forum, scheduled for November 27 to 29, 2024, in New Delhi, aims to address business opportunities in the Asia-Pacific region and the geopolitical challenges that may arise. Minister Goyal outlined India’s vision to become a leading manufacturing destination and further integrate into global supply chains. This vision aligns with India’s broader economic goals and reflects its commitment to enhancing trade relations with France and other nations.
A Strong Bilateral Partnership
France stands as India’s third-largest trading partner in the European Union, following the Netherlands and Germany. The bilateral trade between the two nations has seen remarkable growth, increasing by 34% to reach $15.11 billion in 2023-24, compared to $11.26 billion in 2019-2020. Indian exports, particularly in sectors like petroleum, pharmaceuticals, and auto components, have shown steady growth.
Moreover, France is one of the largest investors in India, with a cumulative Foreign Direct Investment (FDI) stock of $11.24 billion from April 2000 to June 2024. The presence of over 750 French companies in India, employing more than 450,000 people, underscores the depth of this partnership. Last year, India and France adopted a roadmap titled “Horizon 2047: Charting the Future of India-France Strategic Partnership,” which outlines the course for their relationship over the next 25 years.
In a gesture of goodwill, Minister Goyal hosted Minister Primas for dinner, concluding a day filled with discussions aimed at enhancing trade, investment, and people-to-people ties between India and France. This meeting not only reflects the strong diplomatic relations between the two nations but also sets the stage for future collaborations that can benefit both economies.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.