New Delhi, Jan 21 (IANS): Union Minister for Commerce and Industry Piyush Goyal and Bernard Quintin, Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade, held bilateral talks in Brussels to boost trade and investment ties across the spectrum, it was announced on Tuesday.
The meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary, according to a statement by Ministry of Commerce and Industry.
The two leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership.
“We had fruitful discussions on the upcoming Belgian Economic Mission to India and explored avenues to deepen mutual trade and investment ties, with a focus on sustainable technologies, semiconductors, gems and jewellery, healthcare, and agricultural products,” Goyal posted on X social media platform.
Both the leaders acknowledged Belgium’s significant reliance on foreign trade and India’s dynamic, growing economy as key factors for leveraging mutual opportunities.
“Recognising the potential of trade as a cornerstone of their partnership, they emphasised the importance of diversifying trade relations and deepening economic diplomacy to achieve sustainable growth,” according to the ministry.
The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations and emphasised the importance of prioritising trade issues to streamline negotiations and strengthen economic relations.
The India-Belgium trade is estimated at over $15.07 billion in 2023-2024 while foreign direct investments (FDIs) from Belgium into India was estimated at over $3.94 billion.
Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were highlighted as key areas of collaboration.
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.
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 ministry noted.