India and Belgium Strengthen Bilateral Trade Ties with Focus on Key Sectors and EU-India FTA

Shri Piyush Goyal and Mr. Bernard Quintin reviewed the ongoing EU-India FTA negotiations, agreeing to expedite efforts to resolve trade issues and enhance economic ties.

India’s Commerce and Industry Minister, Shri Piyush Goyal, met with Belgium’s Minister of Foreign Affairs, European Affairs, and Foreign Trade, Mr. Bernard Quintin, in Brussels to discuss deepening bilateral trade and investment relations. The meeting underscored the enduring partnership between India and Belgium, rooted in shared democratic values, rule of law, and a commitment to independent judiciary systems. Key Highlights of the Meeting:

Economic Cooperation and Trade Overview

India-Belgium trade reached an estimated US$ 15.07 billion in 2023-2024, with Foreign Direct Investment (FDI) from Belgium into India amounting to over US$ 3.94 billion. Both leaders recognized Belgium’s reliance on foreign trade and India’s dynamic growth as pivotal in unlocking mutual opportunities.

Focus on Strategic Collaboration

The leaders emphasized:

1. Expanding Trade Horizons: Recognizing trade as the backbone of their relationship, both nations agreed to prioritize diversification and economic diplomacy.
2. Emerging Sectors for Cooperation: Renewable energy, life sciences, infrastructure, digital technologies, and food products were identified as priority sectors for collaboration.
3. Tackling Regulatory Barriers: Discussions addressed streamlining approval processes for pharmaceuticals and agricultural products, with a mutual commitment to regular dialogue for resolving challenges.

Progress on EU-India Free Trade Agreement (FTA)

Shri Piyush Goyal and Mr. Bernard Quintin reviewed the ongoing EU-India FTA negotiations, agreeing to expedite efforts to resolve trade issues and enhance economic ties. Both ministers highlighted the FTA as a transformative opportunity to bolster bilateral and regional trade partnerships.

High-Level Engagement with Business Leaders

The visit included interactions with European business leaders and representatives of the diamond industry—an important trade segment between India and Belgium. Key areas of interest included:

• Maritime Services
• Solar Energy and Clean Technology
• Waste Treatment Solutions
• Green Hydrogen

Commitment to Strengthening Economic Mechanisms

Both leaders agreed to establish robust mechanisms for addressing trade issues and fostering deeper economic cooperation. Belgium acknowledged India as a critical strategic partner in diversifying its trade relationships, especially in the post-pandemic global economic landscape.

This high-level dialogue represents a significant milestone in advancing India-Belgium trade relations, reaffirming their shared vision for economic growth, sustainability, and innovation.

Broader Implications

The discussions mark a renewed focus on strengthening India’s trade relations with the European Union and exploring untapped potential in emerging industries, reflecting the growing importance of global economic collaboration.

The meeting sets the stage for more intensive cooperation, laying a strong foundation for future agreements and sustainable development initiatives.