(MENAFN- KNN India)
New Delhi, Dec 2 (KNN) The bilateral trade between India and France has shown robust growth, with trade volumes increasing by 20 per cent in 2022 and 13 per cent in 2023. Early data for the first half of 2024 indicates a promising 26 per cent increase, reaching EUR 9.4 billion.
French Foreign Trade Minister Sophie Primas highlighted the growing economic engagement between the two nations, emphasising the importance of resilient international relationships.
In a move to strengthen bilateral relations, France and India are expanding their economic and trade partnerships, focusing on trusted collaboration during turbulent global times.
French companies are particularly interested in expanding cooperation in key sectors including aeronautics, transport, energy infrastructure, sustainable development, and emerging technologies.
Against the backdrop of geopolitical tensions involving Russia-Ukraine, the Gaza conflict, and potential shifts in U.S. economic policy, both nations are prioritising strategic alignment.
The partnership extends beyond economic cooperation, with a strong foundation in defence, where India has previously procured significant military platforms from France.
The recently unveiled 2047 'Horizon Partnership' aims to further strengthen bilateral ties, with a focus on investment and trade.
The Fast-Track mechanism established in 2020 has proven instrumental in addressing investment challenges, providing a biannual high-level forum for dialogue between French and Indian investors.
Of particular significance is France's encouragement of Indian firms to leverage its technological and industrial ecosystem.
Despite France being the top European destination for foreign investments since 2020, it currently ranks sixth for Indian investments in Europe, suggesting substantial room for growth.
Both countries are also actively engaged in broader regional initiatives, including the India-Middle East-Europe Economic Corridor (IMEEC).
France views this project as a potential catalyst for regional integration, peace, and stability, positioning it as a strategic alternative to China's Belt and Road Initiative.
The ongoing negotiations between India and the European Union for a free trade deal further underscore the commitment to expanding economic engagement.
The EU remains dedicated to crafting a mutually beneficial agreement that incorporates ambitious sustainable development goals.
As global economic landscapes continue to evolve, the India-France partnership represents a strategic approach to navigating international challenges through collaborative economic and technological cooperation.
(KNN Bureau)
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