Piyush Goyal Holds
Bilateral with Belgian Minister
·
Minister
also interacted with European business leaders, representatives of diamond
industry and investors in areas of maritime services, solar energy, clean
technology, waste treatment and green hydrogen.
The
Commerce and Industry Minister of India, Piyush Goyal, met with the Belgian Minister
of Foreign Affairs, European Affairs, and Foreign Trade, Mr. Bernard Quintin, in
Brussels on 21 January, 2025 to discuss strengthening bilateral trade and investment
ties. The meeting reinforced the longstanding relationship between India and Belgium,
built on shared values of democracy, rule of law and independent judiciary. The
two leaders discussed ways to expand economic cooperation, and explored new avenues
to advance this partnership. It may be noted that India-Belgium trade is estimated
at over US$ 15.07 billion in 2023-2024 while Foreign Direct Investments from Belgium
into India was estimated at over US$ 3.94 billion.
During
the discussions, both leaders acknowledged Belgium’s significant reliance on foreign
trade and India’s dynamic, growing economy as key factors for leveraging mutual
opportunities. Recognizing the potential of trade as a cornerstone of their partnership,
they emphasized the importance of diversifying trade relations and deepening economic
diplomacy to achieve sustainable growth.
The
leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations
and enphasized the importance of prioritizing trade issues
to streamline negotiations and strengthen economic ties.
Emerging
sectors such as renewable energy, life sciences, infrastructure, digital technologies,
and food products were highlighted as key areas of collaboration. Belgium recognized
the importance of engaging with India as a strategic partner to diversify its trade
relationships. Regulatory barriers, particularly in the approval processes for pharmaceuticals
and agri-products, were also discussed, with both sides
agreeing to tackle these challenges through continuous dialogue.
The
Commerce and Industry Minister also interacted with European business leaders, representatives
of diamond industry and investors in areas of maritime services, solar energy, clean
technology, waste treatment and green hydrogen.