India and Belgium strengthen trade ties in high-level bilateral talks

Union Minister for Commerce and Industry Piyush Goyal and Belgian Minister of Foreign Affairs Bernard Quintin held bilateral talks in Brussels to enhance trade and investment relations. The meeting, announced on Tuesday, reaffirmed the strong partnership between India and Belgium, rooted in shared values of democracy and rule of law, according to the Ministry of Commerce and Industry.

Key Highlights of the Meeting

The leaders discussed strategies to deepen economic cooperation and identified opportunities for collaboration in areas such as sustainable technologies, semiconductors, gems and jewellery, healthcare, and agricultural products.

"We explored avenues to strengthen mutual trade and investment ties, focusing on upcoming initiatives like the Belgian Economic Mission to India," Goyal shared on social media platform X.

Belgium acknowledged India’s dynamic economic growth, while India recognised Belgium’s heavy reliance on foreign trade as an opportunity for mutual benefit.

Progress on EU-India Free Trade Agreement

Both sides reviewed the ongoing EU-India Free Trade Agreement (FTA) negotiations, agreeing to prioritise trade issues to streamline talks and bolster economic ties. Regulatory hurdles, including pharmaceutical and agricultural approvals, were also discussed, with a commitment to address these barriers through continuous dialogue.

Trade and Investment Snapshot

India-Belgium trade reached over $15.07 billion in 2023-2024, while Belgium's foreign direct investment (FDI) into India exceeded $3.94 billion. Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were identified as key areas for collaboration.

Strengthening the Partnership
The discussions concluded with both nations committing to establish mechanisms to resolve trade issues and foster a sustainable and mutually beneficial partnership.

“This engagement marks a significant milestone in advancing India-Belgium trade relations and aligns with their shared vision for economic growth and sustainable development,” the ministry noted.