Commerce and Industry Minister Shri Piyush Goyal recently met H.E. Ms. Sophie Primas, Minister Delegate of France for Foreign Trade and French Nationals Abroad, to discuss critical trade and investment matters. This was the first meeting between the two Ministers since the historic third mandate of Prime Minister Modi’s government and the formation of the French Government under President Macron. The meeting also saw the participation of senior officials from both sides.
Progress on India-EU Agreements
The Ministers highlighted the progress in the ongoing negotiations for the India-EU Free Trade Agreement (FTA), the Investment Protection Agreement, and the Geographical Indications Agreement. Minister Goyal emphasized the need for stronger political support to conclude the India-EU FTA swiftly. He also called for a greater understanding of India’s development path, particularly on sustainability measures, within the EU.
India-France Business Forum
Earlier in the day, both Ministers jointly addressed the 14th India-France CEO’s Forum, which saw participation from top Indian and French CEOs. Minister Goyal invited French business leaders to explore opportunities in India, which is poised to become the world’s third-largest economy in the coming years, with sustained growth of 7-8%.
Highlighting Economic Issues at APAC Forum
Both Ministers also attended the French Foreign Trade Advisors’ Asia Pacific Forum (APAC 2024) in New Delhi. During the event, Minister Goyal raised concerns regarding the EU’s green economy measures, such as the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR), which have impacted Indian exporters. Despite this, he praised the ongoing bilateral dialogue between India and France, especially on resilient supply chains.
The Forum, running from November 27 to 29, 2024, focuses on business opportunities in the Asia-Pacific region, geopolitical challenges, and India’s role in the Indo-Pacific.
Strong Trade Relations Between India and France
France is India’s third-largest trading partner in the EU, with bilateral trade rising 34% to $15.11 billion in 2023-24. Indian exports, including petroleum products, pharmaceuticals, telecom instruments, cotton fabrics, and auto components, have grown steadily. France is also one of the largest investors in India, with $11.24 billion in FDI from April 2000 to June 2024.
The Horizon 2047 roadmap adopted by both countries last year lays out the strategic partnership between India and France for the next 25 years.
A Gesture of Friendship
To wrap up the day’s engagements, Minister Goyal hosted a dinner for Minister Primas, reflecting the spirit of mutual goodwill and reinforcing the strong ties between India and France.
