India and Belgium Strengthen Economic Ties through Strategic Sector Collaboration

India and Belgium have taken significant steps to enhance bilateral trade, industrial collaboration, and investments in strategic sectors. Key areas include semiconductors, clean energy, defence, and pharma, alongside progress in EU-India Free Trade Agreement negotiations. These developments were discussed during Commerce Minister Piyush Goyal's meeting in Brussels.

In a significant diplomatic engagement, India and Belgium have charted a path to enhance bilateral trade and foster industrial collaboration, focusing on strategic sectors such as semiconductors, clean energy, defence, and pharmaceuticals.

The discussions were part of Commerce and Industry Minister Piyush Goyal's visit to Brussels, where he met with Belgian Defence and Foreign Trade Minister Theo Francken and Flanders Minister-President Matthias Diependaele on May 2.

Bilateral trade between the two countries reached USD 15.07 billion in 2023-24, with Belgian investments in India surging by 39% over the past year, totaling USD 1.1 billion. Both nations are keen on advancing EU-India Free Trade Agreement talks by addressing tariff and non-tariff barriers.

(With inputs from agencies.)