Latest news with #ShaileshYadav
India Gazette
2 days ago
- Business
- India Gazette
We need India as a leader; it needs to open the way for developing countries
By Shailesh Yadav Paris [France], June 3 (ANI): Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, said 'we need India as a leader 'in the 14th WTO Ministerial Conference (MC14), which will take place in Yaounde, Cameroon, from March 26 to 29, 2026. 'For MC-14, you know, 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,' the WTO DG told reporters in Paris. Highlighting India's leadership role, she said WTO reform must include support for issues important to India, such as agriculture. She also pushed for India's backing on the Investment Facilitation for Development agreement, which is supported by 90 of the 126 participating members. 'India is a leading country, and India is doing well. So India needs to open the way for other developing countries. For example, on investment facilitation for development. We want India to support because so many developing countries, 90 out of the 126 who are members, would like to move with this. But for agriculture, we also need to listen to what India's issues are and try to be as supportive as we possibly can,' she added. Ahead of the mini-ministerial meeting hosted by Australia in Paris, WTO DG noted that the mini-ministerial meeting is crucial for setting the tone ahead of WTO ministerial Confrence. 'Most members believe the WTO is a valuable organisation, but it must be repositioned,' she said. WTO DG expressed the need for the repositioning of the multinational trading body, adding that the current disruptions to the multilateral trading system present an opportunity to drive much-needed reforms. 'Multilateral trading systems have been disrupted in a way they haven't been before. But guess what? Sometimes I see challenges as opportunities, and I think this is a very good opportunity for the WTO members to look at what those things are that work and should be kept, and there are many,' the WTO DG said. 'For example, 3/4 of world goods trade is still taking place on WTO terms, MFN terms, and members want to safeguard that, but there are things that also don't work. And when you have this kind of disruption, you ask yourself, what is it that needs to be reformed about the WTO? What is it that developing countries like India don't like? Let them put that on the table. What is it that the US doesn't like? Put that on the table. What do Africans not like about the way the organisation is? Put that on the table. Let's collect these and then let's try to reform it because most members think that it is a very valuable organisation, but it should be repositioned,' WTO DG added. The discussions gain urgency ahead of the 14th WTO Ministerial Conference scheduled for March 26-29, 2026, in Cameroon. The meeting will likely serve as a crucial test for the organisation's ability to bridge growing divisions between developed and developing nations while maintaining its multilateral foundation. The WTO chief's visit to Paris coincides with a mini-ministerial meeting on the margins of the OECD Ministerial Council Meeting, convened by Australia. Trade ministers from approximately 25 countries, including India, Australia, and Singapore, are participating in discussions about potential WTO reforms. (ANI)
India Gazette
3 days ago
- Business
- India Gazette
French energy giant TotalEnergies reaffirms support for Adani Green's expansion in India
By Shailesh Yadav Paris [France], 2 June (ANI): TotalEnergies is 'committed to continue to support the expansion of Adani Green,' Patrick Pouyanne, Chairman and CEO of the French energy giant, said on Monday. With Adani Green Energy Limited (AGEL )'s current capacity of 14 gigawatts and plans for continued expansion, the partnership with TotalEnergies is expected to play a crucial role in India's ambitious renewable energy targets and the country's transition toward cleaner energy sources. Pouyanne said this during his meeting with Indian Commerce and Industry Minister Piyush Goyal, who is currently on a three-day visit to France from June 1. 'We are committed to continue to support the expansion of Adani Green, which already has 14 gigawatts of capacity,' Pouyanne stated, adding, 'We will continue to support this growth.' The French energy major has invested approximately USD 5 billion in India over the past five years, focusing on natural gas infrastructure, city gas development, and renewable energy projects, particularly solar and wind installations, in partnership with Adani entities. TotalEnergies' involvement with Adani Green began in January 2021 when the company acquired a minority stake in the publicly listed renewable energy firm. As part of its strategy to strengthen renewable energy development in India, TotalEnergies also secured a 50 per cent stake in three joint ventures with AGEL operating renewable energy assets. During the Paris meetings, Pouyanne outlined TotalEnergies' broader Indian expansion plans, including increased energy exports from the United States, where the company serves as the largest energy exporter. The executive also highlighted plans to restart operations in Mozambique, which could provide additional energy supplies to India. This commitment marks a significant turnaround from TotalEnergies' position following allegations made by short-seller Hindenburg Research against the Adani Group last year. In response to those allegations, the French company had announced it would suspend further financial contributions to its Adani investments pending clarification of the accusations and their consequences. TotalEnergies emphasised that its investments in Adani entities were conducted in full compliance with applicable laws and the company's internal governance processes based on thorough due diligence and declarations provided by the investment partners. The renewed partnership comes as both companies look to capitalise on India's growing renewable energy market. Minister Goyal reportedly encouraged TotalEnergies to expand its presence in India further, building on the substantial investments already made in the country's energy infrastructure. The announcement also follows a memorandum of understanding signed with Gujarat State Petroleum Corporation (GSPC) during the India Energy Summit, signalling TotalEnergies' broader commitment to the Indian energy sector. (ANI)
India Gazette
3 days ago
- Business
- India Gazette
India is country of opportunities, fastest beauty products market in world: L'Oreal chief
By Shailesh Yadav Paris [France], June 2 (ANI): L'Oreal's leadership has identified India as a strategic market with exceptional growth potential, describing it as one of the fastest beauty product markets globally and expressing plans to more than double their business in the country within the next few years. Speaking about the French cosmetics giant's expansion plans, L'Oreal executives emphasised their mutual ambition for the Indian market. 'India is a very strategic market for L'Oreal. We intend to more than double our business in the next couple of years,' Nicolas Hieronimus, CEO of L'Oreal told reporters. The beauty conglomerate has established a significant manufacturing presence in India, with local production meeting the vast majority of domestic demand. 'We want to expand our factories, which are today manufacturing 95 per cent of what we sell in India, but also exporting to the rest of the region,' the L'Oreal chief explained. India serves not only as a consumption market but also as a regional manufacturing hub for L'Oreal's operations. The company currently produces half a billion units in India and exports hair and skin products primarily to the Gulf region. 'So it is a country of opportunities, one of the fastest beauty markets in the world, and a big priority for L'Oreal,' the L'Oreal chief executive added. The company views its Indian operations as just the beginning of expanded regional presence. 'We're manufacturing half a billion units in India, but we intend to increase that in the years to come. So it is just the beginning of a big adventure,' the L'Oreal chief noted. Commerce and Industry Minister Piyush Goyal's visit to Paris included strategic meetings with several major French corporations beyond L'Oreal. He held discussions with Luca de Meo, CEO of Renault Group, focusing on India's growing potential as an automobile manufacturing hub and emerging opportunities in the electric vehicle sector. 'Held a meeting with Mr. Luca de Meo, CEO of @RenaultGroup. Exchanged views on India's growing potential as an automobile manufacturing hub, along with emerging opportunities in the EV sector,' Goyal posted on social media platform X. The minister also met with Bernard Fontana, CEO of EDF, France's state-owned electric utility company, indicating discussions across multiple sectors including energy and infrastructure. L'Oreal's bullish outlook on India reflects the country's rapidly expanding middle class and growing consumer spending on beauty and personal care products. The company's strategy of local manufacturing combined with regional exports positions India as a key component of L'Oreal's Asia-Pacific operations. The beauty market's rapid growth trajectory in India, coupled with the country's manufacturing capabilities and skilled workforce, makes it an attractive destination for international companies looking to establish regional production bases while serving the domestic market. These business engagements underscore the broader economic cooperation between India and France, with major French corporations viewing India as both a significant market opportunity and a strategic manufacturing partner for regional expansion. (ANI)
India Gazette
3 days ago
- Business
- India Gazette
"Will negotiate a fair balance," Piyush Goyal optimistic of wrapping up FTA with EU by year end
By Shailesh Yadav Paris [France], 2 June (ANI): Commerce and Industry Minister Piyush Goyal expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European Union (EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs. Goyal emphasised the complementary nature of the Indian and European economies. 'There are not too many issues where we have divergence of opinion. We have both complementary economies,' he stated. 'In most cases, what is of offensive interest to India does not hurt the European economy. And likewise, goods and services that Europe would like to provide to India only support our growth story.' The minister acknowledged that certain sensitive areas require careful negotiation on both sides. 'Obviously, in any trading relationship, there are certain sensitive issues on both sides which we have to resolve amicably in the interest of both the European Union and India,' Goyal noted. India has positioned itself strongly on key issues concerning the EU, particularly regarding gender equality and sustainability. 'We are proud of our sisters and our women and the fantastic work they have done and continue to do,' Goyal said. 'Therefore, if you have a subject like gender, India is on the front foot. When it comes to subjects like sustainability, India is right at the forefront.' Both sides have raised specific concerns that must be addressed in the negotiations. 'We have certain concerns about European Union practices and regulations. Likewise, they have certain areas of things they would like to discuss,' the minister explained. Goyal expressed confidence that these issues could be resolved through fair negotiation. 'Some issues are on the table and we will negotiate a fair balance and free trade agreement,' he said. 'There would be many issues on both sides which will come up for discussion so that we can come up with a robust agreement that will support market access and promote easier trade.' The minister clarified that free trade agreements operate independently of domestic business reforms. 'Free trade agreements stand on their footing. They have no relationship to our internal domestic effort to make it attractive to do investments and businesses,' he explained. Instead, FTAs focus on market liberalisation that benefits both economies. 'Free trade agreements are more towards opening markets on both sides, which leads to greater competitiveness, improved productivity and efficiency in all processes,' Goyal said. The agreement is expected to create broader economic opportunities across multiple sectors. 'It opens the doors to larger engagement, be it in goods, services, investments, all areas related to the economy,' the minister noted. 'All of this benefits 1.4 billion consumers.' The India-EU FTA negotiations represent a significant step in strengthening economic ties between India and one of the world's largest trading blocs. The agreement aims to reduce trade barriers, enhance market access, and create new opportunities for businesses on both sides. With both economies showing complementary strengths and shared commitments to sustainability and gender equality, the successful conclusion of the FTA could mark a new chapter in India-Europe economic cooperation, potentially benefiting millions of consumers and businesses across both regions. (ANI)
India Gazette
29-04-2025
- Business
- India Gazette
Iran Expo opens in Tehran with global participation
By Shailesh Yadav Tehran [Iran], April 30 (ANI): The grand opening of the five-day 7th Iran Expo Exhibition--the country's largest export-focused event--was held at the Tehran International Permanent Fairground, marking a significant step toward strengthening Iran's global business ties. Over 2,000 traders and businessmen from 106 countries have been invited to attend the expo, which will provide foreign participants the opportunity to negotiate and trade with major Iranian brands involved in various industrial sectors. With participation from over 100 countries, the expo sets the stage for new business negotiations and international collaborations. Over 800 leading Iranian companies are exhibiting their achievements during the five-day event, which aims to generate new trade opportunities. The expo is hosting traders and officials from 106 countries, including prominent figures such as the Secretary Generals of the D-8, ECO, IORA, and the Shanghai Cooperation Organisation. In a conversation with ANI, Ali Chagharvand, Deputy of Commission, Assembly and Councils at the Iran Chamber of Commerce, stated, 'More than 3,000 traders from 110 countries are participating in this Expo. From India alone, we have more than 100 businessmen. Compared to last year, we're seeing notable improvement.' On Iran-India trade relations, he added, 'The Iranian Chamber of Commerce is collaborating with the Indian government and the Embassy of India. I believe this relationship should strengthen further.' He emphasised that this year's expo offers a more advanced platform for B2B negotiations and international networking compared to previous editions. Mohammadreza Ghaderi, Executive Director of Iran Expo and CEO of 4Fasl Holding, explained, 'We help companies prepare and present their investment opportunities. We facilitate investment through consultancy services and assist in promoting their strengths.' He continued, 'At this exhibition, we're holding B2B meetings with investors and companies offering investment prospects. We're also encouraging countries such as Iraq, Afghanistan, Pakistan, Turkey, and China to establish national pavilions at the upcoming Kish Expo.' Regarding Indian participation, Ghaderi noted, 'We are organising meetings with Indian companies and investors, encouraging their participation in the Kish Expo scheduled for December this year.' With strong government backing and heightened international interest, the 7th Iran Expo not only bolsters Iran's economic links worldwide but also underscores the growing importance of the exhibition industry in Iran's broader economic strategy. Gorgi, Secretary General of the Iran-Japan Chamber of Commerce, told ANI, 'Iran has tremendous investment potential. Iranians have been traders for centuries. We once bought spices from India and sold them to Europe. My grandparents did business with India when Karachi was still part of it. While Iran may not be as large as India, it offers a substantial market.' First launched in 2013, the Iran Export Exhibition (IRAN EXPO) is held annually with the support of the Ministry of Industry, Mine and Trade and the Ministry of Foreign Affairs. As one of the largest international trade events in Iran and the Middle East, it features a diverse range of products and attracts buyers from across the globe. The exhibition provides international traders a chance to explore the latest offerings from prominent Iranian firms. Despite various challenges, IRAN EXPO has continued to serve foreign buyers, expanding trade relations with over 100 countries. This edition highlights six major product categories: Food Industry, Agriculture, and Fisheries, Handmade Carpets, Handicrafts, Tourism, Medicine, Medical and Laboratory Equipment, Chemical Products, Building Industry and Technical Engineering Services, and Petrochemical Industry. IRAN EXPO is committed to promoting trade by showcasing high-quality Iranian export products tailored to meet the demands of international markets. (ANI)
