Commerce Minister Piyush Goyal on Tuesday said the current $15-billion trade between India and France is far below potential and called for urgent steps to expand bilateral economic ties.
Speaking at the India-France CEO Forum in Paris, Goyal said both countries must work towards deeper cooperation in emerging and strategic sectors.
“We cannot be satisfied with just $15 billion. The scope is far greater,” Goyal said, urging the private sector to explore collaborations in artificial intelligence, tourism, manufacturing, and global capability centres. He proposed creating joint working groups under the CEO Forum to pursue these opportunities.
Goyal also announced that India and France would activate a fast-track mechanism at the ambassadorial level to help businesses overcome trade and regulatory hurdles. “This will help us find new areas of trade and support each other in crossing the rubicon of regulation,” he said.
He noted that Indian businesses are often “foxed” by the EU's complex regulatory environment. “It's a maze, especially with each EU member state having its own set of rules,” he said.
Goyal reaffirmed that India and the EU remain committed to concluding a comprehensive trade deal before the end of 2025.
In the France leg, Goyal is also holding high-level bilateral meetings with the United Kingdom's Secretary of State for Business and Trade Jonathan Reynolds; Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Saudi Arabia's Minister of Commerce Dr. Majid bin Abdullah Al-Kasabi, among others.
Goyal will also visit Italy between June 4-5.
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