India’s Tour Of France: How It Will Affect The Bilateral Trade Between India and France?

INTRODUCTION

Another yet crucial meeting was recently held in France when the Honorable Prime Minister of India, Mr. Narendra Modi made a two-day visit to France from 13^th to 14^th July 2023. It is believed that in next coming years, the bilateral trade relations between both nations would take a giant leap towards a more transformational growth. Both the Prime Minister of India, Mr. Narendra Modi and President of France, Emmanuel Macron have shaken hands to take their bilateral relations through a very ambitious pathway that would lead to growth in multiple spheres such as defense, technology, security, investments, aerospace, and energy.

This meeting was again one of the historic meetings that India did within 1 month. There were multiple agendas that were discussed and taken into consideration throughout the discussions. As we move further, you will get to know more about each agenda that was discussed in the meeting taking into consideration the bilateral and strategic collaboration between India and France.

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INDIA AND FRANCE TRADE RELATIONS: BEFORE AND FUTURE

India and France share a historical connection dating back to several centuries. Diplomatic ties were established in 1947, and since then, the relationship has flourished in various sectors. Bilateral trade has been a crucial aspect of their engagement, with both countries recognizing the immense potential for economic cooperation. In this section, we will learn more about the past trends and statistics about the bilateral trade between India and France followed by the future predictions that in coming years, how the trade between both nations will perform.

As per France Trade Data insights, here is a statistical trade data table for you that contains past bilateral trade trends between France and India.

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From this table we can easily understand that there is growth in total trade in each passing year which represents that the bond and understanding between both countries is growing every year significantly.

Based on the trade statistics of both countries, the most favorite and traded items between two countries are as follows:

• Nuclear reactors and mineral oils
• Mineral fuels and bituminous substances
• Electrical machines
• Pharmaceutical products
• Organic chemicals
• Apparel and clothing items
• Optical and photographic tools

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Now let us hop on to future predictions that after the strategic meeting between both countries, will the bond become India and France will become more stronger or not. So, 15^th July 2023 was the date when India and France signed a strategic trade agreement and hence agreed to grow their bilateral cooperation in various fields such as defense, education, environment, science, and aerospace.

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AGREEMENTS AND MOUs SIGNED BETWEEN INDIA AND FRANCE

Some of the crucial agreements that were signed under this strategic trade agreement are:

• Agreement between Indian Oil Corporation Limited and Total Energies Gas & Power Limited was signed for a long-term exchange of LNG.
• In the Science sector, MOU was signed between National Institute of Ocean Technology (NIOT) and Institut Francais De Recherche Pour l’exploitation De La Mer (IFREMER) for collaborative exchange of scientific expertise and knowledge.
• With respect to health and medicine sphere, a letter of intent was issued on which both nations agreed upon.
• In order to see a growth in aerospace, a common agreement was made between France and India on conjunction analysis.
• Another MOU pertaining to technical arrangements for AVSEC was also duly signed between India and France.
• After signing an official MOU by National Payments Corporation of India and France’s Lyra, France has officially confirmed that people can do their transactions in Indian UPI and RuPay soon in the country, starting with the Eiffel Tower.
• A steady flow of goods to France from India is also estimated to happen in coming months which will give a boost to France Import Data statistics too.

Apart from these agreements and MOUs, both nations have extended their hands in order to promote cross-investment, i.e., both countries are motivating Indian and France companies to get operational in both nations to make the ties stronger. This will boost the presence of French investors in India which would further enhance the economy of the country.

As there is a list of MOUs and agreements that are signed and accepted by both nations along with various trade discussions, we can say with utmost surety that the trade relations between India and France would surely grow significantly in coming years with giving mileage to France Export Data statistics and other crucial reports. To support our statement, we would like to add that with the completion of this meeting, India has already placed an order of 26 Rafale fighter jets and three scorpene class submarines from France. Many more big transactions like this are in pipeline.

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CONCLUSION

The India and France meeting marks a significant milestone in their bilateral trade relations, symbolizing a mutual commitment to deepening economic cooperation. The meeting is expected to stimulate trade and investment between the two nations, fostering innovation, knowledge sharing, and strategic partnerships. By leveraging each other's strengths and exploring new avenues of collaboration, India and France can unlock tremendous economic potential. Moreover, the meeting sets a positive precedent for future engagements, highlighting the importance of diplomatic dialogue and economic cooperation in building a prosperous and interconnected world.

In the end, we hope that you have learned and gained a lot of knowledge about this topic and got to know all the major points that were discussed in this meeting. For more such educational content, contact TradeImeX today. We are also specialized in providing trade data of around 70+ countries to our customers. Contact us to know more.

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