Latest news with #Indo-French
India Gazette
9 hours ago
- Business
- India Gazette
"Let's make defence sector a role model for other sectors": French Foreign Trade Minister Laurent Saint-Martin on India-France bilateral ties
By Shailesh Yadav Paris [France], June 3, (ANI): France and India should make the 'major success' of the defence sector in bilateral ties a 'role model' for other sectors, French Foreign Trade Minister Laurent Saint-Martin said after the high-level discussions with Union Commerce and Industry Minister Piyush Goyal. Goyal commenced his three-day official visit to France on Sunday. This visit is part of his ongoing visit to France and Italy from June 1 to 5. During his engagements in France, Goyal held bilateral meetings with key French Ministers, including Laurent Saint-Martin and Minister of Economy Eric Lombard. These discussions are focused on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. 'The defence sector is one of the major success stories in India-France bilateral ties. Let's make this defence sector a role model, an example for other sectors,' Saint-Martin told reporters after the bilateral meeting in Paris. The French minister expressed optimism about the stalled European Union-India free trade agreement, suggesting a breakthrough could come in weeks or months, as 'we believe in freer trade, and not in trade wars.' 'I am pretty optimistic that we can have an agreement in the coming weeks or months, because we have to showcase the world that we believe in trade, in freer trade, and not in trade wars,' he told reporters. Saint-Martin emphasised that demonstrating commitment to multilateral trade cooperation carries special significance amid current global tensions. 'It means a lot for us, because we are living in very troubled times in terms of global trade,' he said, adding that both India and France must strengthen their economic and cultural ties. The minister highlighted India's importance in European trade strategy, noting strong backing from Brussels. 'India is one of our priorities and I know that the European Commission really wants to fast-track the talks for the pact,' Saint-Martin said. France seeks to reduce both tariff and non-tariff barriers while addressing sensitive sectors. 'We have to take care of, for example, our agriculture, and some norms that we have in terms of environment and sanitary standards,' he explained. 'A deal at the end is a consensus - both sides have to understand each other's concerns and sensitivities.' Saint-Martin acknowledged that Europe-India trade relations remain below their potential, calling for increased exports, investments, and joint ventures between the regions. The 27-nation European Union represents one of India's largest trading partners, yet both sides see room for significant expansion. 'The FTA is a way of facilitating trade. This is why we need to lower barriers, but on the other hand, you have to protect sometimes some sectors, and I'm talking about agriculture,' he said, outlining the delicate balance required in negotiations. The minister's comments come as global supply chains face disruption and countries seek to diversify trade partnerships beyond traditional routes. The France-India defence cooperation, which includes joint manufacturing and technology transfer agreements, serves as a successful model for deeper economic integration across multiple sectors. (ANI)
India Gazette
12 hours ago
- Business
- India Gazette
India discusses trade in shipping sector with Singapore, Piyush Goyal meets Dy PM Gan Kim Yong
New Delhi [India], June 3 (ANI): India and Singapore discussed the tremendous opportunities it offers in the shipping sector on Tuesday. The discussion took place between Union Commerce and Industry Minister Piyush Goyal and Singapore's Deputy Prime Minister & Minister for Trade and Industry Gan Kim Yong, who discussed investments and bilateral ties in Paris. During the meeting, Goyal underlined India's huge prospects in various sectors, especially the shipping sector. In a post on social media platform X, Goyal added, 'Met H.E. Mr. Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry @MTI_Sg. Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors, especially in the shipping sector.' The Union Budget has placed strong impetus on realising the huge potential of India's shipping sector. The forward-looking document aims at further enabling India's shipbuilding industry with spurring & innovative initiatives to drive investment, generate income for the economy, train and employ human capital and create value for the future of the country. The Union Budget proposes to set up the Maritime Development Fund (MDF) to support India's Maritime sector by providing financial assistance, via equity or debt securities. The initial corpus of the fund is pegged at Rs 25,000 crores, where the Government contribution will be 49 per cent. The remaining balance will be contributed by Major port authorities, other government entities, Central PSEs, Financial Institutions, as well as the private sector. This fund will directly benefit from financing for ship acquisition. It aims at boosting Indian flagged ships' share in the global cargo volume up to 20 per cent by 2047. Further, the indigenous fleet will reduce the dependability of foreign ships, improve the Balance of Payment and secure the Strategic interests of the country. By 2030, MDF is aiming at generating up to Rs 1.5 lakh crore investment in the shipping sector. Goyal commenced his three-day official visit to France on Sunday. This visit is part of his ongoing visit to France and Italy from June 1 to 5. During his engagements in France, Goyal held bilateral meetings with key French Ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. These discussions are focused on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. As part of the high-level visit, a comprehensive agenda of strategic business meetings and engagements has been scheduled with the top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF, and ATR. The visit includes the India-France Business Round Table and the India-France CEO Forum. These platforms will foster dialogue between leading industry stakeholders from both countries. In addition, the minister will participate in the informal gathering of WTO ministers at the margins of the OECD Ministerial Council Meeting. He will engage with global counterparts at this crucial forum on key multilateral trade issues and present India's priorities and perspectives. During his visit, Goyal will hold a series of high-level bilateral meetings with key international partners. (ANI)
Time of India
18 hours ago
- Business
- Time of India
Piyush Goyal meets top global CEOs, discusses India's potential in EV, RE sectors
Commerce and Industry Minister Piyush Goyal on Monday met some top global CEOs in Paris to explore their future investment plans for the India market in promising sectors like electric vehicle and renewable energy (RE). The minister is on an official trip to France with the aim of boosting trade and investments and will also attend a ministerial meeting of the World Trade Organisation (WTO) on Tuesday. "Held a meeting with Luca de Meo, CEO of Renault Group. Exchanged views on India's growing potential as an automobile manufacturing hub, along with emerging opportunities in the EV sector," Goyal posted on X social media platform. He also met Bernard Fontana, Chairman and CEO of state-owned energy provider EDF, and discussed India's growing leadership in the renewable energy sector and "ways to further integrate sustainable energy solutions into our development roadmap". Earlier, the Union Minister met Patrick Pouyanne, Chairman and CEO of TotalEnergies, a global integrated energy company. "Discussed the company's investment plans for India and avenues for deeper collaboration in the renewable energy sector," said Goyal. Commerce Minister has also indicated that India is likely to sign a free trade agreement (FTA) with Oman soon, as the talks between the two countries are making headway. The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27 to January 28. Piyush Goyal commences official visit to France, Italy to boost economic ties During his three-day engagements in France, Union Minister Goyal is scheduled to hold bilateral meetings, including with Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister, according to the Commerce Ministry. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. The minister will meet top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF and ATR. Following his engagements in France, the Union Minister will proceed to Italy for the next leg of his official visit.
India Gazette
20 hours ago
- Business
- India Gazette
Piyush Goyal holds talks with Nigeria's Trade Minister on WTO reforms, bilateral trade
New Delhi [India], June 3 (ANI): Union Commerce and Industry Minister Piyush Goyal held a bilateral meeting with Nigeria's Minister for Trade, Industry and Investment Doris Nkiruka Uzoka-Anite in Paris. The talks held on Monday focused on boosting bilateral trade and pushing forward reforms at the World Trade Organisation (WTO), the minster said. Sharing the update on social media, the minister said, 'A fruitful discussion with Nigeria's Minister for Trade, Industry and Investment @JOduwole, in Paris. We explored avenues to boost bilateral trade and strengthen economic cooperation between India and Nigeria. Also, discussed World Trade Organisation reforms. Our shared vision for growth will drive this partnership forward.' During his 3-day visit to France, Goyal also met Fatih Birol, Executive Director of the International Energy Agency (IEA). The minister posted on social media, 'Glad to meet Dr.@FBirol, Executive Director of the International Energy Agency (@IEA). Had a good discussion on the overall global energy scenario and the deepening partnership between India and the IEA.' Goyal on Sunday commenced his three-day official visit to France, which is part of his ongoing visit to France and Italy from June 1 to 5. During his engagements in France, Goyal is holding bilateral meetings with key French Ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. These discussions are focused on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. As part of the high-level visit, a comprehensive agenda of strategic business meetings and engagements has been also scheduled with top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF and ATR. The visit also includes the India-France Business Round Table and the India-France CEO Forum. These platforms will foster dialogue between leading industry stakeholders from both countries. In addition, the minister will participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and present India's priorities and perspectives. Goyal will holding a series of high-level bilateral meetings with key international partners during the course of his visit. (ANI)
United News of India
2 days ago
- Business
- United News of India
Commerce Minister Piyush Goyal on three-day visit to France, to strengthen economic ties
New Delhi, June 1 (UNI) Union Commerce Minister Piyush Goyal is on a three-day visit to France during which he will hold bilateral meetings with the French Ministers of Economy and Trade to strengthen the economic partnership. While in France, he will also engage in informal WTO Ministers' gathering on the margins of the OECD Ministerial Council Meeting, and will also hold bilateral engagements with trade ministers of the UK, Singapore, Saudi Arabia, Israel, Nigeria and Brazil. The Commerce Minister is on a visit to France and to Italy from June 1-5, as part of India's commitment to deepening strategic and economic ties with key European partners and advancing a shared vision for resilient and inclusive global growth. During his engagements in France, Goyal is to hold bilateral meetings with French Ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation, a statement said. As part of the high-level visit to France, a comprehensive agenda of strategic business meetings and engagements has been scheduled - with top leadership of major French companies such as Vicat, Total Energies, L'Oréal, Renault, Valeo, EDF and ATR, the visit will feature the India-France Business Round Table and the India-France CEO Forum, fostering dialogue between leading industry stakeholders from both countries. During his stay, the Minister will also participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of India. As part of the visit, the Minister will hold a series of high-level bilateral meetings with key international partners. These include the United Kingdom's Secretary of State for Business and Trade Jonathan Reynolds; Singapore's Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong; and Saudi Arabia's Minister of Commerce, Majid bin Abdullah Al-Kasabi. Minister Goyal will also engage with Israel's Minister for Trade and Investment, Nir Barkat; Nigeria's Minister for Trade, Industry and Investment, Jumoke Oduwole OON; and Brazil's Foreign Minister, Mauro Luis Iecker Vieira. These dialogues are aimed at advancing strategic economic cooperation and fostering mutually beneficial partnerships across regions. They will also provide significant impetus to India-EU FTA negotiations. Further reinforcing India's engagement with regional blocs, meetings are planned with key EU officials, including Maroš Šefčovič, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, and Christophe Hansen, European Commissioner for Agriculture and Food. These engagements reflect India's ongoing efforts to strengthen bilateral and multilateral partnerships, and position itself as a pivotal player in global trade and investment. Following his engagements in France, Goyal will proceed to Italy for the next leg of his visit. UNI RN
