What Steps Can Be Taken to Enhance India-France Trade?
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Synopsis
Commerce Minister Piyush Goyal advocates for enhanced India-France trade relations, proposing new initiatives to strengthen economic ties and explore new areas of collaboration. With a current trade value of $15 billion, the potential for growth is immense. Discover how these efforts can reshape the future of bilateral trade between these two nations.
Key Takeaways
- India and France aim to strengthen bilateral trade.
- Current trade stands at $15 billion.
- Focus on emerging sectors like AI and tourism.
- Fast-track mechanism to assist businesses.
- Comprehensive trade deal targeted for 2025.
Paris, June 3 (NationPress) Commerce Minister Piyush Goyal emphasized the necessity for India and France to collaborate more effectively to enhance their economic relationship, highlighting the significant potential to increase trade beyond the existing $15 billion.
Speaking at the India-France CEO Forum, Goyal pointed out that both nations should aim for deeper partnerships in emerging and strategic sectors.
"We should not be content with merely $15 billion. The possibilities are much broader," Goyal stated.
He recommended establishing joint working groups within the private sector under the CEO Forum to investigate opportunities in artificial intelligence, tourism, manufacturing, and global capability centers.
Goyal also revealed plans for India and France to implement a fast-track mechanism at the ambassadorial level, intended to assist businesses in navigating trade and regulatory challenges.
"This initiative will enable us to discover new trade areas and support one another in overcoming regulatory barriers," he noted.
He remarked that Indian enterprises are frequently perplexed by the EU’s intricate regulatory landscape. "It's a complex structure, particularly as each EU member state has its unique set of regulations," Goyal explained.
The minister reiterated the commitment of India and the EU to finalize a comprehensive trade agreement by the end of 2025.
During his visit, he also met with Singapore's Deputy Prime Minister Gan Kim Yong to discuss enhancing economic relations and exploring vast opportunities in the Indian shipping industry.
Goyal is set to hold discussions in Paris with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, as well as Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Kasabi, among others.
This official visit to France and Italy underscores India's ongoing dedication to strengthening strategic and economic ties with essential European allies and promoting a collective vision for resilient and inclusive global growth.
As part of the agenda, he will meet with leaders from major French firms such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF, and ATR.
Additionally, Goyal will participate in an informal gathering of WTO Ministers alongside the OECD Ministerial Council Meeting, where he will engage with international colleagues on crucial multilateral trade topics and articulate India’s priorities.
Point of View
It is vital to recognize that strengthening trade relations between India and France not only enhances economic growth but also fosters strategic partnerships. Piyush Goyal's proactive approach reflects a commitment to navigating complex regulations while promoting collaboration across key sectors, ensuring that both nations can thrive in a rapidly evolving global economy.
NationPress
21/07/2025
Frequently Asked Questions
What is the current trade value between India and France?
The current trade value between India and France stands at approximately $15 billion.
What sectors are being targeted for deeper cooperation?
India and France are looking to enhance cooperation in sectors such as artificial intelligence, tourism, and manufacturing.
What mechanism is being implemented to assist businesses?
A fast-track mechanism at the ambassadorial level will be activated to help businesses navigate trade and regulatory hurdles.
When is the comprehensive trade deal expected to be finalized?
India and the EU aim to finalize a comprehensive trade deal before the end of 2025.
What is the significance of Goyal's visit to France?
Goyal's visit underscores India's commitment to strengthening strategic and economic ties with key European partners.
