Latest news with #LaurentSaint-Martin
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First Post
5 hours ago
- Business
- First Post
China, France seek resolution on brandy tariffs as trade talks continue
China and France have agreed to resolve their trade disputes through dialogue, China's foreign ministry said on Friday, though there was no indication that agreement had been reached in talks on lifting Chinese levies on European brandy. read more China and France have agreed to resolve their escalating trade tensions through dialogue, Beijing's foreign ministry said Friday, offering cautious optimism for a deal on punitive Chinese tariffs targeting European brandy, particularly French cognac. The announcement follows high-level talks this week between Chinese Commerce Minister Wang Wentao and French Trade Minister Laurent Saint-Martin on the sidelines of an OECD conference in Paris. Technical discussions have also been underway in Beijing, where Chinese officials reportedly signaled a willingness to settle the dispute, though some sticking points remain. STORY CONTINUES BELOW THIS AD The latest round of negotiations have raised hopes of a settlement, two industry sources with knowledge of the discussions said. 'The two sides have reached consensus on resolving economic and trade issues through dialogue and consultation', the Chinese foreign ministry said after a call between the Chinese and French foreign ministers. Beijing imposed anti-dumping duties of up to 39% on European brandy earlier this year — measures widely seen as retaliation for EU tariffs targeting Chinese electric vehicle exports. France, the leading cognac producer, has been most affected, with major players like LVMH's Hennessy, Pernod Ricard's Martell, and Rémy Cointreau experiencing a decline in sales to China, their most valuable export market in terms of revenue. China had initially set a final decision on the duties for January, but has extended the deadline twice, now pushing it to July 5. Beijing was initially meant to make a final decision on the duties by January, but extended the deadline to April and then again to July 5. China is seeking to strengthen trade ties with the 27-member bloc as relations with the United States have soured in the escalating trade war. 'France will not compromise on … the protection of its industries, such as cognac,' French trade minister Laurent Saint-Martin said after talks with Wang on Wednesday. Chinese officials, meanwhile, signalled to industry officials during three rounds of technical meetings in Beijing this week they wanted to settle the matter, one of the sources said, but added some sticking points remained. STORY CONTINUES BELOW THIS AD With annual imports of around $1.7 billion last year, China is the French brandy industry's most important measured by value and the second-largest by volume after the United States. With inputs from agencies
Bloomberg
2 days ago
- Business
- Bloomberg
China Calls for France to Help Resolve Trade Differences With EU
China called on France to help resolve trade differences with the European Union, as Beijing seeks to shore up ties with the bloc amid simmering tensions with the US. 'It is normal to have differences in bilateral economic and trade cooperation, but the key is to resolve them through equal dialog and consultation,' Chinese Commerce Minister Wang Wentao told French Trade Minister Laurent Saint-Martin in Paris on the sidelines of a WTO ministerial meeting, according to a statement by China's commerce ministry.
India Gazette
3 days ago
- Business
- India Gazette
India-France CEO Forum: Indian business leaders pushes for strengthening bilateral trade and investment, FTA
Paris [France], June 3 (ANI): 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 is a big 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 could be a potential synergy between India and France on the diversified talent pool. India currently has approximately 1.5 million engineering graduates every 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 Organization (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 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. Goyal also me with ATR Aircraft CEO Nathalie Tarnaud Laude in Paris. The underscored India's commitment to strengthening bilateral ties and exploring new opportunities for cooperation. (ANI)
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Business Standard
3 days ago
- Business
- Business Standard
India, EU likely to go for comprehensive FTA; GI pacts to follow later
India and the European Union (EU) are likely to agree upon a comprehensive free trade agreement (FTA) instead of an interim deal, an official said on Tuesday. However, the proposed investment treaty and a pact on geographical indications (GI) may not be concluded simultaneously. The official said that the situation remains dynamic in the free trade agreement negotiations. Negotiations for the "comprehensive agreement" between India and the EU are progressing at a rapid pace, and the deal could be concluded before the year-end, the official added. Earlier, there were discussions that an early harvest trade pact may be finalised before going for a comprehensive deal. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on GIs after a gap of over eight years. A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. The negotiations stalled in 2013 due to differences over the level of opening up of the markets. On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal the much-awaited free trade deal by the end of this year. The India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development. India's bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for goods. The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion. Speaking to reporters here, French Minister of Foreign Trade Laurent Saint-Martin said that the agreement can be concluded in the coming weeks or months. "I am pretty optimistic about the fact that we can have an agreement in the coming weeks, coming months, because we have to showcase to the world that we do believe in trade, in freer trade, and not in a trade war. So this is what we agreed on with the minister," the French minister said after a bilateral meeting with Goyal.
India Gazette
3 days 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)
