Paris, June 3 : Commerce Minister Piyush Goyal on Tuesday said that India and France must work to strengthen bilateral economic ties as there was ample scope to boost trade between the two countries from the current level of $15 billion.

Addressing the India-France CEO Forum here, the minister said both countries must work towards deeper cooperation in emerging and strategic sectors.

"We cannot be satisfied with just $15 billion. The scope is far greater," Goyal remarked.

He suggested forming joint working groups in the private sector under the CEO Forum to explore collaborations in artificial intelligence, tourism, manufacturing, and global capability centres as well.

Goyal also announced that India and France would activate a fast-track mechanism at the ambassadorial level to help businesses overcome trade and regulatory hurdles.

"This will help us find new areas of trade and support each other in crossing the Rubicon of regulation," he remarked.

He pointed out that Indian businesses are often "foxed" by the EU's complex regulatory environment. "It's a maze, especially with each EU member state having its own set of rules," Goyal said.

The minister reaffirmed that India and the EU remain committed to concluding a comprehensive trade deal before the end of 2025.

He also held a meeting with Singapore's Deputy Prime Minister Gan Kim Yong and discussed ways to boost economic ties and huge opportunities in the Indian shipping sector.

Goyal also plans to hold bilateral meetings in Paris with the United Kingdom's Secretary of State for Business and Trade, Jonathan Reynolds and Saudi Arabia's Minister of Commerce, Dr Majid bin Abdullah Al-Kasabi, among others.

The Indian Minister is on an official visit to France and Italy, reflecting India's continued commitment to deepening strategic and economic ties with key European partners and advancing a shared vision for resilient and inclusive global growth.

As part of the visit, he will also be meeting top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF and ATR.

Goyal will also participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of the country.

/IANS