Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and H.E. Mr. Roland Lescure, Minister of Economy, Finance, Industrial, Energy, and Digital Sovereignty of France, co-chair India-France Economic & Financial Dialogue (EFD) in Aix-en-Provence

What Happened

• India and France co-chaired the India-France Economic and Financial Dialogue (EFD) in Aix-en-Provence, France, with the Union Minister of Finance and Corporate Affairs and the French Minister of Economy, Finance, Industrial, Energy, and Digital Sovereignty leading their respective delegations.
• The ministers agreed to use the EFD as the primary platform for addressing all economic, financial, technological, investment, and trade matters between the two countries.
• Discussions covered critical minerals partnership implementation, cross-investments, high-speed railway cooperation (following a declaration of intent on railways), and financial sector connectivity between India and France.
• Both sides discussed greater alignment of positions in multilateral economic forums, including the G20 and the Paris Club, in the context of India's association with the French G7 Presidency.
• The two countries have elevated their bilateral relationship to a "Special Global Strategic Partnership" (February 2026), and the EFD operationalises the economic dimension of that partnership.

Static Topic Bridges

India-France Bilateral Relations

India and France established a Strategic Partnership in 1998 — the first such framework India adopted with any country. The relationship was upgraded through the Horizon 2047 Roadmap (adopted in 2023, coinciding with the 25th anniversary of the partnership) and further elevated to a "Special Global Strategic Partnership" in February 2026. France is India's close partner across defence, civil nuclear, space, digital technology, and critical minerals. Bilateral trade stood at approximately $15.81 billion (latest available figures), more than doubling over the past decade. France consistently supports India's permanent membership in a reformed United Nations Security Council.

Critical Minerals and Economic Security

Critical minerals are raw materials essential for the clean energy transition and digital economy — including lithium, cobalt, nickel, rare earth elements, and others used in electric vehicle batteries, semiconductors, wind turbines, and defence systems. Securing reliable supply chains for these minerals is a growing priority for India, which currently depends heavily on imports (particularly from China) for many critical inputs. India and France signed a Joint Declaration of Intent on critical minerals cooperation as part of the February 2026 summit and agreed to establish an Economic Security Dialogue to strengthen supply-chain resilience.

G20 and Paris Club — India's Multilateral Economic Engagement

The G20 (Group of Twenty) is the premier forum for international economic cooperation, comprising 19 countries and the European Union (plus the African Union from 2023). India held the G20 Presidency in 2023. The Paris Club is an informal group of major creditor nations that coordinates the restructuring of sovereign debt owed to them by developing countries — France is a founding member. India is not formally a Paris Club member but engages with it as a creditor nation with significant bilateral lending to developing countries. Coordinating positions with France in both forums enhances India's influence in shaping global economic governance norms.

Economic and Financial Dialogue (EFD) as a Diplomatic Mechanism

Bilateral Economic and Financial Dialogues are structured government-to-government consultation frameworks that provide a dedicated channel for finance ministries to coordinate economic policy, investment facilitation, and financial regulation. India maintains similar mechanisms with several strategic partners (e.g., India-UK Economic and Financial Dialogue, India-US Economic and Financial Partnership). These dialogues sit alongside, but are distinct from, trade negotiations; they cover macroeconomic coordination, financial regulation harmonisation, investment facilitation, and multilateral forum alignment. The EFD between India and France is the primary bilateral channel for economic matters under the Special Global Strategic Partnership.

Key Facts & Data

• Dialogue held at: Aix-en-Provence, France
• India-France Strategic Partnership established: 1998
• Upgraded to Special Global Strategic Partnership: February 2026
• Horizon 2047 Roadmap adopted: 2023
• India-France bilateral trade: ~$15.81 billion (approximately doubled over past decade)
• France: second-largest arms supplier to India
• India's Critical Minerals List: 30 minerals (notified 2023)
• G20 India Presidency: 2023 (New Delhi Summit)
• Paris Club founded: 1956; headquartered in Paris; 22 permanent member countries
• Jaitapur Nuclear Power Project: 6 EPR reactors proposed by France's EDF; 9.6 GW installed capacity if completed; under bilateral negotiation
• France supports India's permanent UNSC membership