Belgium And India To Strengthen Bilateral Trade And Investment Ties: Piyush Goyal

Union Minister for Commerce and Industry of India, Piyush Goyal met the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin in Brussels today.

The two ministers met to discuss strengthening bilateral trade and investment ties. This meeting reinforced the longstanding relationship between India and Belgium, which is built on the shared values of democracy, rule of law and independent judiciary.

Among the topics that were discussed were several ways of expanding economic cooperation, and exploring new avenues to advance this partnership.

Trade between India and Belgium was estimated at over $15.07 billion in FY24 while Foreign Direct Investment (FDI) from Belgium into India was estimated at $3.94 billion.

Belgium relies heavily on foreign trade and India's dynamic, growing economy as key factors for leveraging mutual opportunities.

Both the countries discussed the importance of diversifying trade relations and deepening economic diplomacy to achieve sustainable growth.

While discussing the EU-India Free Trade Agreement (FTA) negotiations both the countries emphasised on the importance of prioritizing trade issues to streamline negotiations and strengthen economic ties.

Sectors like renewable energy, life sciences, infrastructure, digital technologies, and food products were highlighted as key areas of collaboration.

Additionally, Belgium recognised 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.

India and Belgium made a commitment to establish stronger mechanisms for resolving trade issues.

Further, both the leaders affirmed their dedication to fostering a robust and mutually beneficial trade partnership.