India and Belgium Strengthen Trade Ties with New Mechanisms

India and Belgium have agreed to create mechanisms to resolve trade issues in sectors like pharmaceuticals and agriculture. This was discussed during a meeting between Indian Commerce Minister Piyush Goyal and Belgian Foreign Minister Bernard Quintin. The dialogue emphasizes trade prioritization, collaboration, and strengthening economic ties.

India and Belgium have agreed to establish new mechanisms aimed at resolving trade issues specifically within the areas of pharmaceuticals and agricultural products. This initiative was announced following a high-level meeting between India's Commerce and Industry Minister, Piyush Goyal, and Belgium's Minister of Foreign Affairs and Foreign Trade, Bernard Quintin, held in Brussels.

The discussions predominantly circled around regulatory hurdles, especially concerning the approval processes necessary for pharmaceuticals and agriculture products. Both nations have committed to addressing these challenges through ongoing dialogue, according to a statement from the Indian commerce ministry.

Additionally, the ministers discussed the ongoing EU-India Free Trade Agreement negotiations, underscoring the necessity to prioritize trade issues for more streamlined negotiations and to fortify economic collaborations. Key sectors like renewable energy, life sciences, infrastructure, digital technologies, and food products were identified as potential areas for increased cooperation between the two nations. Belgium, acknowledging its strategic partnership with India, aims to diversify its trade relationships.

(With inputs from agencies.)