India, France trade 'quite suboptimal', can grow better, faster: Piyush Goyal

Commerce Minister Piyush Goyal

Commerce Minister Piyush Goyal on November 27 said that bilateral trade between India and France though balanced, is still at a "suboptimal level" and needs to grow better and faster.

Goyal was speaking at the 2024 Asia-Pacific Forum of the French Foreign Trade Advisors

He said that trade between the two countries reached $15 billion in FY24, with Indian exports at about $7 billion and imports at $8 billion..."pretty much a balanced trade, yet if I may dare say something which is quite suboptimal given the strength of our two economies, something which we should collectively work towards to make it grow much bigger, better, much faster."

Goyal urged France and Asia Pacific partners to deepen collaboration on trade through bilateral agreements and multilateral platforms and strengthen technological cooperation to address challenges like climate change.

India and France can also look at co-manufacturing Rafale fighter jets in a bid to make them more attractive for India and the world.

"France has provided us with a large number of Rafale fighter jets, which now I think has all been supplied into the country, in the next stage we can look at co-manufacturing them," Goyal said.

The minister listed out several sectors where India and France can collaborate on including technologies related to electric vehicles, renewable energy and food security.