India and Belgium are committed to strengthening their economic partnership, focusing on trade, investment, and emerging sectors. During a recent meeting in Brussels, India's Commerce and Industry Minister, Piyush Goyal, and Belgium’s Minister of Foreign Affairs, Bernard Quintin, discussed expanding bilateral trade and investment ties.
The two nations share a long-standing relationship, grounded in democratic values, rule of law, and an independent judiciary. In 2023-2024, trade between the two countries reached over USD 15.07 billion, with Belgium's Foreign Direct Investment (FDI) into India estimated at USD 3.94 billion.
The leaders agreed that both Belgium’s dependence on foreign trade and India’s growing economy present ample opportunities for collaboration. They also emphasized the importance of diversifying trade relations and deepening economic diplomacy to foster sustainable growth.
Key areas for future cooperation include renewable energy, life sciences, infrastructure, digital technologies, and food products. They also discussed the ongoing negotiations of the EU-India Free Trade Agreement (FTA) and the need to address regulatory barriers in pharmaceuticals and agri-products through continued dialogue.
Additionally, the leaders agreed to establish stronger mechanisms for resolving trade issues. Both sides are committed to working together to promote a robust and mutually beneficial trade relationship. This high-level engagement signals a positive step forward in India-Belgium economic cooperation, reinforcing their shared vision for growth and development.