India, France discuss progress on India-EU trade pact

Trade ministers of India and France have held discussions related to the ongoing talks for a free trade agreement between India and the European Union, the commerce ministry said on Wednesday.

Commerce and Industry Minister Piyush Goyal was here to attend India-France Business Summit and CEOs roundtable meet. He held bilateral meetings with several CEOs and French minister for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht.

The ministers discussed priority areas related to India - EU FTA (free trade agreement) negotiations where issues related to market access were deliberated," it said.

Goyal also said India is looking to buy 2,000 commercial aircraft in the next 10 years and there is a huge opportunity to make commercial aircraft in India to meet domestic and international demand.

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

In January last year, India and the EU resumed negotiations for a free trade agreement, investment protection and Geographical Indications (GI).

Becht mentioned that bilateral trade was USD 15.1 billion in 2021-22, doubled in the last decade; and foreign direct investment (FDI) has been USD 10 billion from France which is a top foreign investor in India.

There is a will from French companies to invest in India, he added.

Goyal highlighted that by breaking language barriers trade can further be expanded. He also invited the French minister to India along with the French community on the sidelines of G20 Trade Ministers meet in August 2023.

Goyal also addressed a CEOs roundtable meet on April 11.

More than 50 CEOs from Indian and French companies participated at the roundtable. Sectors such as agriculture, tourism, defence, manufacturing, pharmaceuticals, textiles, aerospace were represented at the meet.

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