India, France Commit To Increase Bilateral Trade To €15 Billion By 2022

India and France today committed to increase bilateral trade to €15 billion euro by 2022 and “timely relaunching” of negotiations on the India-EU free trade agreement. 

Both the countries also stressed on the importance of “open and inclusive global trade” and vowed to work together with all members of the World Trade Organisation.

A joint statement issued after the meeting of Prime Minister Narendra Modi and French President Emmanuel Macron, stressed on the importance of holding annual dialogue at the ministerial level to deepen cooperation in the economic and financial sectors.

“Both sides noted with satisfaction the growth in bilateral trade during the recent period, and expressed their desire that this momentum be sustained with the aim of raising trade in goods to 15 billion euros by 2022,” the statement said.

India-France bilateral trade rose to $10.96 billion (8.91 billion euro) in 2016-17 from $8.3 billion (€6.74 billion) in 2015-16.

Modi and Macron also agreed that India and the EU should deepen their cooperation on multilateral and security issues, as well as on economic, trade and climate change issues, the statement said.

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