Piyush Goyal: India-France Trade Potential Untapped, Can Surpass Current $15-Bn Mark

India and France have the potential to significantly boost their trade beyond the current $15 billion, said Union Commerce and Industry Minister Piyush Goyal at the APAC 2024 Forum organized by French Foreign Trade Advisors. Highlighting key areas for collaboration – agriculture, renewable energy, aerospace and defence, electric vehicles, and digital technology, Goyal emphasized the need for a stronger partnership between the two economies. India's trade with France in FY24 stood at $15 billion, with $7 billion in exports and $8 billion in imports. While the trade balance is nearly even, Goyal described it as "suboptimal" and urged efforts to grow it "faster and bigger." India's expanding defence sector presents a significant opportunity for French companies, with the government offering 100% ownership for manufacturers. Goyal also invited the French aviation industry to explore India, the world’s largest aviation market, with over 1,500 planes on order and potential for more. With a robust patent-protected regime and no mandatory technology transfer requirements, India aims to strengthen its global trade ties. Goyal’s address reinforced the shared goal of deeper economic cooperation between India and France in strategic sectors.