Time to upgrade Indo-French trade relations: Commerce Minister Goyal

Minister Piyush Goyal highlights Indo-French business ties, emphasising the need for growth and collaboration in various sectors.

Minister for Commerce and Industry Piyush Goyal on Wednesday (November 27, 2024) praised Indo-French business ties but said that there was room to grow.

“Bilateral trade in our financial year 2023-24 reached $15 billion, with Indian exports at $7 billion and exports at $8 billion, pretty much a balanced frame,” Mr. Goyal said. “However I dare say, this is quite sub-optimal. We should collectively aspire to grow bigger, better and faster. I am convinced these numbers only tell a small part of the story of our relationship.”

Mr. Goyal was speaking at Forum Asiepacifique, an annual gathering of French trade advisors and businesses held in Asian countries; this is the first time the event is being held in India. Prime Minister Narendra Modi sent a written message through Mr. Goyal praising the progress in Indo–French ties.

The event coincided with an official visit by Sophie Primas, French Minister Delegate for Foreign Trade, Attractiveness and French Nationals Abroad.

Mr. Goyal cited the hundreds of French firms with an established presence in India, and the dozens of Indian firms operating in France as exemplifying of the two countries’ trade relations. “Since the beginning of our strategic partnership under late president Jacques Chirac in 1996, our relations have progressed rapidly, driven by mutual ambition,” Ms. Primas said in her remarks.

Mr. Goyal said over 500,000 people worked in Indo–French businesses in fields like agriculture and food processing, renewable energy, electric vehicles, defence and aerospace, and digital technology. “Bharatmala, Sagarmala, Smart Industrial Cities being set up as part of industrial corridors, creating world class connectivity and urban ecosystems are but a few of the initiatives where we invite French collaboration,” Mr. Goyal said. “These efforts align with our vision of inclusive and collaborative investment.”