India and Belgium Strengthen Trade Ties with High-Level Talks

Indian Commerce Minister Piyush Goyal and Belgian Foreign Minister Bernard Quintin met in Brussels to bolster trade relations. Both leaders discussed expanding cooperation, emerging sectors, and regulatory barriers. They committed to stronger mechanisms for trade issue resolution, marking a step forward in India-Belgium trade relations.

In a significant diplomatic engagement, India's Commerce and Industry Minister, Piyush Goyal, met with Belgium's Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels on Tuesday. The meeting aimed to fortify the trade and investment ties between the two nations, rooted deeply in shared democratic values and a commitment to the rule of law, as stated by the Ministry of Commerce and Industry.

The dialogues focused on widening economic cooperation between India and Belgium, whose bilateral trade has soared to over USD 15.07 billion in the 2023-2024 fiscal year. Foreign Direct Investments from Belgium to India are estimated at over USD 3.94 billion, underscoring Belgium's reliance on foreign trade and India's vibrant economic landscape. Both ministers explored avenues to harness these dynamics for mutual benefit.

Recognizing trade as a cornerstone of their relationship, Goyal and Quintin underscored the critical need to diversify trade relations and intensify economic diplomacy to reach sustainable growth. Discussions also touched on the EU-India Free Trade Agreement (FTA), emphasizing the necessity of prioritizing trade issues to expedite negotiations. Emerging sectors such as renewable energy, life sciences, and digital technology were earmarked for collaboration, while regulatory challenges in pharmaceuticals and agriculture were addressed. The meeting concluded with a commitment to bolster trade resolution mechanisms, enhancing the prospects of a robust trade partnership.

(With inputs from agencies.)