India And France Discuss Progress On India-EU Trade Pact

According to the commerce ministry, the trade ministers of India and France met on Wednesday to discuss the continuing talks for a free trade agreement between India and the European Union.Piyush Goyal, Minister of Commerce and Industry, was in town for the India-France Business Summit and CEO roundtable meeting.

He met with many CEOs as well as the French minister for international commerce, economic attractiveness.

According to the commerce ministry, the trade ministers of India and France met on Wednesday to discuss the continuing talks for a free trade deal between India and the European Union.

Piyush Goyal, Minister of Commerce and Industry, was in town for the India-France Business Summit and CEO roundtable discussion. He met with various CEOs as well as Olivier Becht, France's minister for international commerce, economic attractiveness, and French nationals abroad.

"The ministers discussed priority areas related to India-EEU FTA (free trade agreement) negotiations where issues related to market access were deliberated,"   the statement added. Goyal also stated that India plans to purchase 2,000 commercial aircraft over the next ten years, and that there is a significant chance to manufacture commercial aircraft in India to fulfill local and international demand.

"With the purchase of Rafale and the recent Airbus order, more value has been added to this partnership," he continued.

India and the EU started discussions for a free trade agreement, investment protection, and geographical indications in January of last year.

Becht stated that bilateral commerce will be $15.1 billion in 2021-22, having more than quadrupled in the previous decade, and that foreign direct investment will be $10 billion, primarily from France, which is India's largest foreign investor.

"There is a will among French companies to invest in India," he continued.

Goyal emphasized that by cutting down linguistic barriers, commerce may be increased much further. He also invited the French minister and the French community to visit India on the sidelines of the G20 Trade Ministers Meeting in August 2023.

On April 11, Goyal also spoke at a CEO roundtable.

The discussion included more than 50 CEOs from Indian and French companies. Agriculture, tourism, defense, industry, pharmaceuticals, textiles, and aerospace were all represented.

Along with both ministers, the Ambassador of India to France, Jawed Ashraf; the Vice President, CII; the Chairman and Managing Director, ITC, Sanjiv Puri; the Executive Director, International Energy Agency, Faith Birol; and the CEO, Danone, Antoine de Saint-Affrique all expressed their thoughts.