CII in pact with French trade body

Monday, 10 February 2003, 20:30 IST
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NEW DELHI: The Confederation of Indian Industry (CII) Friday signed a cooperation agreement with French trade body Mouvement des Entreprises de France (MEDEF) to strengthen bilateral ties in key industrial areas. The French trade body representatives are part of the delegation accompanying French Prime Minister M. Jean-Pierre Raffarin, who is on a three-day visit to India. Addressing industrialists at the Indo-French Business Meet here, French Trade and Commerce Minister Francois Loos allayed India's concern on France's stance in World Trade Organisation negotiations. "The negotiations are no longer confined to seeking trade liberalisation to promote growth," he said. "Its purpose is to ensure that the developing countries can participate in world growth. This is a policy that France fully supports." MEDEF president Ernest-Antoine Seilliere said: "Indian business community is highly concerned in what is happening in the U.S. because about three million Indians live there. "Europe is a kind of an unidentified political object. You are still looking at Europe with a puzzled eye." He pointed out that Europe represents 21 percent of world gross domestic product (GDP), close to 22 percent of the U.S. Europe accounts for 40 percent of world trade and 50 percent of global foreign direct investment, besides representing a market of 450 million consumers. "There is no Europe fortress anymore. It is widely open to the world and Europeans are looking forward to deepening cooperation with India," said Seilliere. "Moving beyond government-to-government ties, the new cooperation between India and France would provide for industry level interaction," said CII Director General Tarun Das. "This is the first time that businessmen from France and India are getting closer. This is how real ties can be built. You will soon see an Indian business invasion in France," he said.
Source: IANS