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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)
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