India and Belgium Strengthen Economic Collaboration

India and Belgium have engaged in comprehensive discussions aimed at enhancing bilateral trade, promoting industrial collaboration, and increasing investments in pivotal sectors such as semiconductors, clean energy, defence production, and pharmaceuticals. This significant dialogue occurred during Commerce and Industry Minister Piyush Goyal's visit to Brussels on May 2.

High-Level Meetings Pave the Way for Future Cooperation

Minister Goyal met with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders region Matthias Diependaele. These meetings underscored the growing economic synergies between the two nations and focused on eliminating trade barriers and fostering mutual investments.

Reviewing EU-India Free Trade Agreement Progress

The discussions also included a review of the EU-India Free Trade Agreement (FTA) negotiations, with both sides emphasizing the importance of addressing tariff and non-tariff barriers to improve market access.

Trade and Investment Figures Highlight Potential

Belgium stands as India’s fifth-largest trading partner within the EU, with bilateral trade amounting to $15.07 billion in 2023–24. Furthermore, Belgian foreign direct investment in India reached $3.94 billion from April 2000 to September 2024, showcasing a 39% growth in the past year alone.