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.

[ABS News Service/21.01.2025]

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.