India and France Set Ambitious Goal to Double Bilateral Trade by 2030

India, France agree to double bilateral trade in 5 years, bolster tech and innovation ties

"The two leaders called for early implementation of the India-EU Free Trade Agreement, which offers a unique opportunity to expand bilateral trade and investment. The leaders also discussed ways to enhance cooperation in the SME, aviation and railway sectors. They welcomed the agreement to establish a Centre of Excellence for Skilling in Aeronautics in Kanpur. Welcoming the establishment of a Dialogue on Economic Security, both leaders agreed to strengthen supply chain resilience, especially in critical minerals," the statement said.

The two leaders also discussed ways to expand private sector collaboration in space and noted that India's SHANTI Act creates new opportunities for collaboration, including on small and advanced modular reactors between the two countries, the statement further said.

Recognising the key role of innovation and technology in the bilateral relationship, both sides adopted an "Innovation Roadmap 2030" to give the partnership a long-term direction. Both leaders discussed expanding cooperation on Artificial Intelligence and agreed to create a Joint India-France AI Working Group for the purpose.

The joint inauguration of Bharat Innovates at Nice by the leaders, and Prime Minister's upcoming participation at Vivatech in Paris, have further strengthened the partnership between the two countries in sectors such as deep-tech, semiconductors, agri-tech, med-tech, renewable energy, defence and space.

Both leaders appreciated the continued expansion of UPI in France, as well as the signing of 19 agreements among institutions in the innovation ecosystems of both countries, the statement observed.

The two leaders emphasised the importance of enhancing people-to-people ties. In this context, Prime Minister Modi thanked President Macron for the swift operationalisation of visa-free transit for Indian nationals at French airports.

They further discussed ways to enhance the mobility of talent and students between the two countries and expanding mutual recognition of educational qualifications.

PM Modi invited French universities to open campuses in India under the New Education Policy. The leaders also agreed to enhance cooperation among museums and cultural institutions, including the National Maritime Heritage Complex in Lothal, the statement added.

— IANS