As per a statement by the Commerce Ministry, Mr. Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles has discussed the progress on the India-EU free trade agreement (FTA) with his French counterpart, Mr. Olivier Becht.
Mr. Piyush Goyal was in Paris to attend India-France Business Summit and a Chief Executive Officer’s (CEOs) roundtable meet.
The statement said that the priority areas were discussed which were related to India-EU FTA negotiations and the issues related to market access.
India and the EU relaunched the negotiations for FTA on June 17, 2022, along with separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs).
Mr. Olivier Becht highlighted that the foreign direct investment (FDI) stood at US$ 10 billion in the last decade from France, which is a top foreign investor in India. Further, he added that the bilateral trade in 2021-22 stood at US$ 15.1 billion. Moreover, French companies are also keen on investing in India.
On the other hand, Mr. Piyush Goyal asserted that trade can be increased by removing language barriers. Along with the French community, he extended an invitation to Mr. Olivier Becht to visit India in August, 2023 for the G20 trade ministers meeting.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.