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Goyal meets French counterpart; reviews bilateral trade ties

By TIOL News Service

NEW DELHI, NOV 28, 2024: MR. Piyush Goyal, Union Minister for Commerce & Industry (CIM) held discussions with H.E. Sophie Primas, Minister Delegate of France for Foreign Trade and French Nationals Abroad on trade, investment and other issues of mutual interest. This was the first meeting between the Ministers, since the strong third historic mandate, for Prime Minister Modi's government and formation of the French Government under President Macron's leadership. Senior officials from both sides also attended the meeting.

2. Ministers also noted the progress made so far with respect to the ongoing negotiations for India-EU Free Trade Agreement, Investment Protection Agreement and Agreement on Geographical Indications. The Commerce and Industry Minister highlighted the need for stronger political directions for early conclusion of the India-EU FTA. He called for greater sensitisation towards the principle of Common but Differentiated Responsibility(CBDR) and better understanding for India's development path among the EU countries while implementing its sustainability and social measures.

3. Earlier in the day, the Minister jointly addressed the 14 th India-France CEO's Forum with Minister Primas, in which prominent Indian and French CEOs participated. The Minister acknowledged the role played by the industry leaders in promoting economic cooperation and invited French business leaders to explore the opportunities in India, as the world's fifth largest economy, with  sustained economic growth at 7-8% over the coming two decades. The Indian economy is on track towards becoming the world's third largest economy over the next few years.

4. The two Ministers also attended the inauguration of French Foreign Trade Advisors' Asia Pacific Forum(APAC) 2024. The Commerce and Industry Minister highlighted the issues faced by the Indian exporters arising due to EU's green economy measures such as Carbon Border Adjustment Mechanism (CBAM) and EU Deforestation Regulation (EUDR) to the French counterpart. However, he appreciated the regular bilateral dialogue between India and France on economic issues, including on resilient supply chains. The Minister further outlined India's vision to become the leading manufacturing destination and further integrate into global supply chains. The main focus of the Forum organized by the French Foreign Trade Advisors (CCE) of India and Asia-Pacific from November 27 to 29, 2024, in New Delhi (India), is on: Business opportunities in the Asia-Pacific region; Geopolitical challenges, structural and operational risks; and the development of the Indo-Pacific axis and India's role in it. The two Ministers also interacted with the representatives of select leading French companies, which have invested in India.

5. France is India's 3rd largest trading partner in the EU, after The Netherlands and Germany. The bilateral trade between India and France has been growing strongly, rising 34% to USD 15.11 billion in 2023-24 from USD 11.26 billion in 2019-2020. Indian exports grew steadily at 7% in April-September 2024, finding a stronger market for petroleum products, pharmaceuticals, telecom instruments, cotton fabrics and auto components. France is one of the largest investors in India with a cumulative FDI stock of USD 11.24 billion from April 2000 to June 2024. There are over 70 Indian companies supporting thousands of jobs in the French economy. At the same time, there are over 750 French companies invested in India, employing over 450,000 people. Last year, India and France adopted a roadmap "Horizon 2047: Charting the future of India-France Strategic Partnership", setting the course for the next 25 years.

6. In a gesture reflecting the spirit of mutual bonhomie, friendship and goodwill, the Commerce and Industry Minister hosted the French Minister H.E. Sophie Primas over dinner, concluding the day long engagements that focused on enhancing trade, business, investment, mobility and stronger people to people ties between India and France.


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