New Delhi, January 21: The Commerce and Industry Minister of India, Piyush Goyal, met with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels on Tuesday to discuss strengthening bilateral trade and investment ties.
Key Points
1.
India-Belgium trade reaches USD 15.07 billion in 2023-2024
2.
Exploring collaboration in renewable energy and digital technologies
3.
Prioritizing EU-India Free Trade Agreement negotiations
4.
Addressing regulatory barriers in trade relations
According to the Ministry of Commerce and Industry, the meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary.
The two leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership. It may be noted that India-Belgium trade is estimated at over USD 15.07 billion in 2023-2024 while Foreign Direct Investments from Belgium into India was estimated at over USD 3.94 billion.
During the discussions, both leaders acknowledged Belgium's significant reliance on foreign trade and India's dynamic, growing economy as key factors for leveraging mutual opportunities.
Recognizing the potential of trade as a cornerstone of their partnership, they emphasized the importance of diversifying trade relations and deepening economic diplomacy to achieve sustainable growth.
The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations and emphasised the importance of prioritizing trade issues to streamline negotiations and strengthen economic ties.
Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were highlighted as key areas of collaboration.
Belgium recognized the importance of engaging with India as a strategic partner to diversify its trade relationships. Regulatory barriers, particularly in the approval processes for pharmaceuticals and agri-products, were also discussed, with both sides agreeing to tackle these challenges through continuous dialogue.
The meeting concluded with a commitment to establish stronger mechanisms for resolving trade issues. Both leaders affirmed their dedication to fostering a robust and mutually beneficial trade partnership
This high-level engagement marks a significant step in advancing India-Belgium trade relations, strengthening their shared vision for economic growth and sustainable development.
The Commerce and Industry also interacted with European business leaders, representatives of diamond industry and investors in areas of maritime services, solar energy, clean technology, waste treatment and green hydrogen.
