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india: India, France focus on progress on India-EU commerce pact

Commerce ministers of India and France have held discussions associated to the continuing talks for a free commerce settlement between India and the European Union, the commerce ministry stated on Wednesday. Commerce and Business Minister Piyush Goyal was in Paris to attend India-France Enterprise Summit and CEOs roundtable meet. He held bilateral conferences with a number of CEOs and French minister for Overseas Commerce, Financial Attractiveness and French Nationals Overseas Olivier Becht.

“The ministers mentioned precedence areas associated to India – EU FTA (free commerce settlement) negotiations the place points associated to market entry had been deliberated,” it stated.

Goyal additionally stated India is seeking to purchase 2,000 industrial plane within the subsequent 10 years and there’s a enormous alternative to make industrial plane in India to fulfill home and worldwide demand.

With the acquisition of Rafale and the current Airbus order, extra worth has been added to this partnership, he added.

In January final 12 months, India and the EU resumed negotiations for a free commerce settlement, funding safety and Geographical Indications (GI).

Becht talked about that bilateral commerce was USD 15.1 billion in 2021-22, doubled within the final decade; and overseas direct funding (FDI) has been USD 10 billion from France which is a prime overseas investor in India.

There’s a will from French firms to put money into India, he added. Goyal highlighted that by breaking language obstacles commerce can additional be expanded. He additionally invited the French minister to India together with the French group on the sidelines of G20 Commerce Ministers meet in August 2023.

Goyal additionally addressed a CEOs roundtable meet on April 11.

Greater than 50 CEOs from Indian and French firms participated on the roundtable. Sectors similar to agriculture, tourism, defence, manufacturing, prescribed drugs, textiles, aerospace had been represented on the meet.

Together with each the ministers, views had been shared by Ambassador of India to France Jawed Ashraf; Vice-President, CII and Chairman & Managing Director, ITC Sanjiv Puri; Govt Director, Worldwide Vitality Company Religion Birol; and CEO, Danone Antoine de Saint-Affrique.

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