India France Trade

Recent Trends & developments

• In December 2024, after a strong defence partnership, India and France are now focusing on expanding economic and trade relations. Ms. Sophie Primas, Minister Delegate for Foreign Trade and French Nationals Abroad, emphasized that in turbulent times, relying on "trusted" partners like India is crucial for joint cooperation, with French companies keen to expand in sectors such as aeronautics, transport, energy, and emerging technology.
• Union Minister of Commerce & Industry, Mr. Piyush Goyal, emphasized key sectors for collaboration between the two countries, including agriculture, renewable energy, aerospace and defence, electric vehicles, and digital technology. India’s expanding defence sector presents a significant opportunity for French companies, as the Indian government allows 100% ownership for manufacturers. He also invited the French aviation industry to explore India, which has become the world’s largest aviation market with over 1,500 planes on order.
• Ms. Sophie Primas, Minister Delegate for Foreign Trade and French Nationals Abroad, discussed the India-Middle East-Europe Economic Corridor (IMEEC), describing it as a project that will strengthen strategic supply chains and contribute to regional integration and stability.
• The Ministry of Tourism participated in International & French Travel Market (IFTM) Top Resa 2024 in Paris held from September 17 to 19, showcasing the "Incredible India Pavilion." This pavilion emphasized India’s rich culture, heritage, and yoga practices, aiming to attract more international tourists. The pavilion was inaugurated by the Ambassador of India to France, Jawed Ashraf, along with officials from the Ministry of Tourism and state tourism departments of Meghalaya and Jammu and Kashmir.
• Speaking at the 2024 Asia-Pacific Forum of the French Foreign Trade Advisors Union Minister of Commerce & Industry, Mr. Piyush Goyal, expressed optimism about strengthening the India-France partnership and emphasized the need for faster growth in bilateral trade between the two nations.
• In Madhya Pradesh, Chief Minister, Mr. Mohan Yadav, met with French Consul General Jean-Marc Sr-Charlet to discuss potential investments in trade, industry, and tourism. The meeting focused on promoting cultural exchanges, with plans to train tour guides in the French language to make the state more accessible to French tourists. Mr. Yadav also extended an invitation to French film producers and directors to consider shooting in Madhya Pradesh.
• The Union Cabinet, led by Prime Minister Mr. Narendra Modi, has approved a Memorandum of Understanding (MoU) between India’s Ministry of Electronics and Information Technology and France’s Ministry of Economy, Finance, and Industrial and Digital Sovereignty. This MoU aims to enhance cooperation and information exchange in digital technologies, promoting access to these technologies in both countries. It is expected to boost government-to-government (G2G) and business-to-business (B2B) collaboration, leading to increased employment opportunities in the IT sector.
• India and the EU restarted talks for a comprehensive free trade agreement earlier this year after a gap of nine years. The two sides concluded the first round of negotiations for Bilateral Trade and Investment Agreements (BTIA), including the Geographical Indicators (GI) on July 1, 2023.
• India and France have signed an MoU on January 25, 2022 with a scope for cooperation in health research. Council of Scientific and Industrial Research, CSIR, and Institut Pasteur, France will jointly research and focus on emerging and re-emerging infectious diseases and inherited disorders and enable the delivery of effective and affordable healthcare solutions not only for the people of India and France but for the global good.
• India-France Space Pact: India and France have agreed on setting up a bilateral strategic dialogue on space issues.
• In November 2022, India and France discussed the defence collaboration and explored further opportunities under Atmanirbhar Bharat.
• As part of Prime Minister Mr. Narendra Modi’s historic state visit to France from July 13-14, 2023, strategic deliberations were held during the 11th India-France CEO Forum to encourage the utilization of investment opportunities in these sectors and foster greater manufacturing and ease of doing business.
• India and France will develop new generation military equipment as part of a long-term roadmap agreed upon during Prime Minister Mr. Narendra Modi’s visit to Paris, French Ambassador to India Mr. Emmanuel Lenain said.
• France and India are making remarkable strides in the field of nuclear energy, with a focus on the Jaitapur 6-EPR power plant project. This ambitious endeavour aims to provide reliable, affordable, and low-carbon energy through the construction of six cutting-edge European Pressurized Reactors (EPRs) in Jaitapur. In addition, both countries have joined forces to explore the potential of Small Modular Reactors (SMRs) and Advanced Modular Reactors (AMRs).
• India and France have agreed to use Unified Payments Interface (UPI) in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees.
• Prime Minister Mr. Narendra Modi was on an official visit to France from July 13-14, 2023, following an invitation from President of France Mr. Emmanuel Macron for the French National Day, or Bastille Day celebrations in Paris. The 25th anniversary year of India-France strategic partnership was commemorated during this visit, symbolizing a robust collaboration in various domains, including defense, space, civil nuclear, blue economy, trade, investment, education, culture, and people-to-people ties. Notable outcomes of the visit include:
  • MoU on Cooperation in the field of Digital Technologies between MeitY and French Ministry of Economy.
  • Letter of Intent on the New National Museum and Cooperation on Museology.
  • MoU on Technical Cooperation between Direction-Générale d’Aviation Civile, France and Airports Authority of India in the field of Civil Aviation.
  • MoU on Technical arrangements for Civil Aviation Security (AVSEC) between India and France.
  • Letter of Intent between Prasar Bharati and France Media Monde.
  • MoU between Invest India and Business France.
  • India-France joint Earth Observation mission TRISHNA implementing arrangement.
  • Maritime Domain Awareness short-term programme implementing arrangement.
  • Agreement on Conjunction Analysis and Evaluation Service: Alerts and Recommendations (CAESAR) and use of Exert Modules of JAVA for Assessment of Conjunction (JAC) software.
  • Joint Declaration between ISRO and CNES Concerning Joint Developments in the field of Launchers.
  • Letter of Intent between India and France for Cooperation in the field of Health and Medicine.
  • MoU between the National Institute of Ocean Technology (NIOT), Ministry of Earth Sciences (MoES), Chennai and Instiut Français de Recherche pour l’exploitation de la Mer(IFREMER).
  • Head of Agreement (HoA) between Indian Oil Corporation Limited and M/s Total Energies Gas and Power Ltd (Total Energies) to establish a long-term LNG Sale and Purchase Agreement (SPA).
• The Department of Administrative Reforms and Public Grievances, under the Ministry of Personnel, Public Grievances, and Pensions, Government of India, joined hands with the M/o Public Sector Transformation & the Civil Service of the French Republic by signing a Letter of Intent for Cooperation in the field of Public Administration and Administrative Reforms.