India-European Union Free Trade Agreement: Goyal Converses with French Finance Minister Lombard in Paris; Emphasis on Technology and Innovation, According to Goyal
France Trip: Goyal Talks Tech & Trade with France's Finance Minister
In the City of Lights, Commerce and Industry Minister Piyush Goyal sat down with Eric Lombard, the French Finance Minister, to discuss the advancing India-EU free trade agreement (FTA) negotiations.
Taking to his preferred social media platform, Goyal shared: "Had a productive meet with @Eric_R_Lombard, French Minister of Economy, Finance, and Industrial and Digital Sovereignty." The discussion revolved around strengthening our economic partnership, promoting trade investments, and focusing on groundbreaking technology and innovation across key sectors.
The Union Minister also disclosed the progress of the India-EU FTA negotiations, expressing anticipation for robust India-France economic ties. Earlier in the day, he met with Christophe Perillat, CEO of Valeo Group, a global automotive supplier with a robust presence in India. The Minister praised their commitment to India's burgeoning growth story and their ambitions to augment their investments in the country. They discussed strategies to expand Valeo's manufacturing presence in India.
Goyal also conversed with Nicolas Hieronimus, CEO of the L'Oréal Group, exploring opportunities for L'Oréal to 'Make in India' for the world.
The Minister's engagements also included meetings with influential global CEOs in Paris, seeking insight into their future investment plans for the India market, particularly in promising sectors like electric vehicles and renewable energy.
Goyal's official trip to France aims to bolster trade and investments, with an upcoming ministerial meeting of the World Trade Organisation (WTO) on his agenda for Tuesday. Additionally, Goyal hinted at a potential India-Oman FTA, as negotiations between the two countries are making considerable headway. Following his affairs in France, the Union Minister will embark on the next leg of his tour to Italy.
India-EU FTA Negotiations Progress
The India-EU FTA talks have been rapidly progressing since resuming in June 2022. The focus is on reaching a comprehensive agreement rather than a provisional one, with a possible conclusion before the end of 2025. Key sectors of focus include tariff reductions, increased access to services sectors, and smoother trade and investment flows via harmonized regulatory frameworks.
Despite past hurdles in market access and tariffs, the current negotiations aim to solve these issues thoroughly. A comprehensive FTA could lead to substantial increases in trade volumes and economic ties between India and the EU, making it the EU's largest FTA to date.
An investment protection agreement and a pact on geographical indications are also in the works, with the latter to follow the main FTA negotiations.
- The India-EU FTA negotiations, as discussed by Piyush Goyal with France's Finance Minister Eric Lombard, revolve around a comprehensive agreement to increase access in service sectors and smooth trade flows.
- The ongoing India-EU FTA talks, which have been progressing since June 2022, are aiming for a conclusion by the end of 2025, with tariff reductions being a key focus area.
- Beyond the India-EU FTA, Goyal's discussions in France also involved potential investment plans for the India market in sectors like electric vehicles and renewable energy.
- In the sphere of business and technology, Goyal met with the CEOs of Valeo Group and L'Oréal Group, discussing opportunities for 'Make in India' and strategies to expand their presence in India.
- The progressing India-EU FTA, if concluded, could make it the EU's largest FTA to date, leading to substantial increases in trade volumes and economic ties between India and the EU.
