New Delhi, Jan 21
Union Minister for Commerce and Industry Piyush Goyal met Belgian Foreign Minister Bernard Quintin in Brussels to enhance trade and investment partnerships between the two nations.
The meeting focused on boosting collaboration in areas such as sustainable technologies, semiconductors, gems and jewelry, healthcare, and agriculture. Goyal described the discussions as “fruitful” in a post on X (formerly Twitter), highlighting the importance of Belgium’s upcoming Economic Mission to India.
The longstanding relationship between India and Belgium, rooted in shared values of democracy and rule of law, served as a strong foundation for the talks, according to a Commerce Ministry statement.
Both leaders stressed the need to diversify trade relations and strengthen economic diplomacy for sustainable growth. They also reviewed progress on the EU-India Free Trade Agreement (FTA), agreeing to prioritize trade issues to speed up negotiations.
In 2023-2024, India-Belgium trade exceeded $15 billion, with Belgian investments in India totaling nearly $4 billion. Key sectors for collaboration include renewable energy, life sciences, digital technologies, infrastructure, and food products.
Challenges such as regulatory barriers in pharmaceuticals and agricultural products were also addressed, with both sides committing to ongoing dialogue to resolve issues.
The meeting concluded with a pledge to establish stronger mechanisms to foster a robust trade partnership. This engagement marks a significant step towards deeper economic ties and sustainable development between India and Belgium.
