Brussels: The Commerce and Industry Minister of India, Piyush Goyal, met with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, today in Brussels to strengthen bilateral trade and investment ties. The meeting reaffirmed the strong relationship between India and Belgium, based on shared democratic values, rule of law, and an independent judiciary.
The leaders explored ways to enhance economic cooperation, particularly in emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products. India-Belgium trade is valued at over US$15.07 billion in 2023-2024, with Belgian Foreign Direct Investments in India exceeding US$3.94 billion. Recognising Belgium’s reliance on foreign trade and India’s growing economy, they stressed the importance of diversifying trade relations and fostering economic diplomacy for sustainable growth.
Discussions also covered the progress of the EU-India Free Trade Agreement (FTA) negotiations, with both sides highlighting the need to prioritise trade issues to streamline talks. Regulatory challenges, especially in pharmaceutical and agricultural product approvals, were acknowledged, and it was agreed to address these through continuous dialogue.
Belgium emphasised India’s strategic importance in diversifying its trade relationships, while both nations committed to establishing mechanisms to resolve trade issues. The meeting concluded with a mutual dedication to deepening their partnership and advancing economic growth.
Additionally, the Indian minister engaged with European business leaders and representatives from the diamond industry, alongside investors in maritime services, solar energy, clean technology, waste treatment, and green hydrogen.
This high-level engagement signifies a pivotal step in strengthening India-Belgium trade relations and promoting sustainable development