Press Information Bureau

Government of India

Ministry of Commerce & Industry

31-January-2012 18:43 IST

India-France keen on early conclusion of India EU BTIA IKEA CEO meets Anand Sharma

India and France have expressed keenness for an early closure of the India-EU Broad-based Trade and Investment Agreement (BTIA) negotiations. The Union Minister for Commerce Industry and Textiles Shri Anand Sharma met the French Minister of Foreign Trade Mr Pierre LELLOUCHE, in Paris yesterday. Both the leaders stressed the need for an ambitious and balanced EU–India BTIA. “This agreement will lead to increase of opportunities for market access in both goods and services for both sides” Shri Sharma said during the meeting. They also reviewed the progress of bilateral trade. While expressing happiness over the growth in trade both the sides stressed the need for deeper economic engagement. Shri Sharma invited French investment in Automobile, fashion industry, IT, pharmaceuticals and energy.

Mr Mikael Ohlsson CEO of the IKEA Group also met the Indian Minister in Paris yesterday. Mr Ohlsson congratulated Shri Sharma for recent decision to allow 100% FDI in single brand retail. He also shared his views on the local sourcing clause in the FDI policy with regard to Single Brand retail. He informed that in near future he will be travelling to India to meet concerned officials and stakeholders. He conveyed to the minister that India is an important market and Ikea would like to be involved in strengthening of SME’s in India.

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India-EU trade agreement push advances market access while single-brand FDI liberalisation invites foreign retail engagement. India and France urged swift conclusion of a Broad-based Trade and Investment Agreement to expand market access in goods and services and promote sectoral investment, while a multinational retailer welcomed India's liberalisation of single-brand foreign direct investment and discussed the local sourcing clause, signalling plans to engage with officials and support SME development through local procurement.