Indian business leaders push for strengthening bilateral trade and investment, FTA
Paris: At the India-France CEO Forum in Paris saw enthusiastic discussions on strengthening bilateral trade and investment on Tuesday. The forum highlighted the potential for a Free Trade Agreement (FTA) between the two countries, which would not only boost trade but also build trust and chemistry between India and France.
The Indian business leaders highlighted the potential for a Free Trade Agreement (FTA) between the two countries, which would not only boost trade but also build trust and chemistry between India and France.
Both Union Commerce and Industry Minister Piyush Goyal and his French counterpart Laurent Saint-Martin expressed optimism over the proposed Free Trade Agreement (FTA) between India and the European Union.
Indian industry leaders, including Sanjay Nayar (ASSOCHAM), Sunil Vachani (Dixon Technologies), Rikant Pittie (EaseMyTrip), and Ravi Limaye (Wockhardt), shared their insights on the opportunities and challenges in the India-France partnership. They emphasised the potential for collaboration in areas like manufacturing, tourism, and technology.
"Three things stood out for me, the enthusiasm of both the ministers, our minister Piyush Goyal and the French Minister Laurent Saint-Martin about getting the Free Trade Agreement (FTA) done. The message coming out is more than just a trade. It is more about building trust and chemistry, which we have, it takes it to a new level with FTA...," said Sanjay Nayar, President, Associated Chambers of Commerce & Industry of India (ASSOCHAM) on India-France CEO Forum and meeting between Union Minister Piyush Goyal and French Minister Laurent Saint-Martin.
The forum drew participation from several leading French companies. Indian delegation urged French businesses to explore India as a key manufacturing and investment destination.
Sunil Vachani, Chairman of Dixon Technologies, pointed out, "There was a big attendance of French companies, they showed a great interest from their side. The biggest reason for this is that France's biggest companies are looking for an alternative supply chain and a reliable partner that can manufacture globally. Minister Piyush Goyal kept this fact forward, saying that they won't get a better alternative than India....India is a big market...message was to come forward and invest in India..."
Rikant Pittie, Co-Founder and CEO of EaseMyTrip, spoke about the potential for collaboration in tourism and human capital.
"We had a very insightful discussion today with the French companies. I briefed about what the different potential collaboration opportunities are between India and France...there could be a potential synergy between India and France on the diversified talent pool. India currently has approximately 1.5 million engineering graduates every year...India and France can deepen their relationship with tourism corridors," he added.
Ravi Limaye, Managing Director of Wockhardt, welcomed the momentum towards the FTA.
"I think this was a very important meeting, as the minister said, the trade between India and France is about USD 15 billion, which hardly indicates the kind of potential these two countries have. There are lots of opportunities to increase this trade and do business that will help both these countries. So I think this is a good start," he added.
Limaye further emphasised that the two countries of lots of potential and can increase trade and business.
"The trade between India and France is about $15 billion, which hardly indicates the kind of potential these two countries have. Lots of opportunities to increase this trade and do business that will help both these countries. I think this is a good start..."
Moreover, World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala highlighted the need for reforms in the multilateral trading system. She emphasized India's crucial role in shaping the future of the WTO and its potential to lead the way for other developing countries.
"I am very happy that we have the occasion of the mini-ministerial and certainly happy that Minister Piyush is here and will participate, I think he will give a chance to ministers invited by the Australians to be able to talk to each other about the possible reforms to the WTO. Of course the multilateral trading system has been disrupted in a way it hasn't been before. But, sometimes I see challenges as opportunities and I think this is a very good opportunity for the WTO members to look at what are those things that work and should be kept...Most members think that it is a very valuable organisation but it should be repositioned and that's why the mini-minsterial is very important because ministers are going to start that discussion prior to MC14," said Okonjo-Iweala.
Union Minister Piyush Goyal met WTO DG Ngozi Okonjo-Iweala and Minister of Commerce in Saudi Arabia, Dr. Majid bin Abdullah Al-Kassabi in Paris, France.
"Meeting with Minister Goyal was very productive. We spoke about all these issues, about reforms, about the issues India is interested in - like agriculture and how MC14, we need India as a leader. India is a leading country and India is doing well. So, India needs to open the way for other developing countries...," added the WTO Director-General.
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