French Foreign Trade Minister Laurent Saint-Martin, following his meeting with Indian Commerce and Industry Minister Piyush Goyal in Paris, reaffirmed that France is "one of India's best economic partners" and emphasised the potential to further strengthen bilateral ties through reforms, stability, innovation, and enhanced market access between the EU and Indian markets.

Saint-Martin expressed optimism about the ongoing India-EU Free Trade Agreement (FTA) negotiations, indicating the possibility of an agreement in the coming weeks or months, and stressed the importance of demonstrating a commitment to free trade over trade wars.

Minister Goyal, accompanied by a delegation of over 50 Indian companies, echoed the sentiment that the current $15 billion trade volume between India and France is far below its potential and called for deeper cooperation in sectors such as artificial intelligence, tourism, manufacturing, and global capability centres.

He proposed the creation of joint working groups to pursue new opportunities and announced a fast-track mechanism at the ambassadorial level to help businesses overcome trade and regulatory hurdles, particularly given the complexity of the EU regulatory environment.

Both sides highlighted the importance of fostering deeper cross-border trade and investments, with Saint-Martin noting that the strong personal rapport between President Macron and Prime Minister Modi would further deepen bilateral relations. High-level meetings during Goyal's visit also focused on expanding cooperation in renewable energy, automobile manufacturing, electric vehicles, and consumer products, reflecting a shared commitment to innovation and economic growth.

The discussions took place against the backdrop of broader strategic cooperation, as underscored by recent high-level visits and joint statements, which have highlighted not only economic ties but also collaboration in defence, technology, artificial intelligence, space, and climate action. Both governments recognise the vast untapped potential for trade and investment and are actively working to create a more favourable environment for business and innovation.

The recent engagements in Paris reflect a robust and growing Indo-French economic partnership, with both countries committed to expanding trade, investment, and technological collaboration, and with optimism surrounding the conclusion of the India-EU FTA in the near future.

Based On ANI Report