India And Belgium Strengthen Trade Ties With Focus On Sustainable Development

(MENAFN- KNN India) New Delhi, Jan 21 (KNN) Indian Commerce and Industry Minister Piyush Goyal and Belgian Foreign Affairs Minister Bernard Quintin met in Brussels today for discussions centred on enhancing bilateral trade and investment relations.

The meeting built upon the two nations' established partnership, which is founded on shared democratic values, rule of law, and judicial independence.

Bilateral trade between India and Belgium reached USD 15.07 billion in 2023-2024, with Belgian Foreign Direct Investment in India surpassing USD 3.94 billion.

The ministers highlighted their nations' complementary economic strengths, noting Belgium's trade-dependent economy and India's robust growth trajectory as key factors for future collaboration.

Both leaders emphasised the strategic importance of diversifying trade relationships and strengthening economic diplomacy to ensure sustainable development for both nations.

Discussions included progress updates on the EU-India Free Trade Agreement negotiations, with both ministers stressing the need to prioritise trade-related matters to expedite the negotiation process.

The dialogue identified several promising sectors for collaboration, including renewable energy, life sciences, infrastructure development, digital technologies, and food products.

The ministers addressed regulatory challenges, particularly regarding pharmaceutical and agricultural product approvals, agreeing to maintain ongoing dialogue to resolve these issues.

They committed to establishing more effective mechanisms for addressing trade-related concerns, demonstrating their dedication to fostering a stronger economic partnership.

Beyond the bilateral meeting, Minister Goyal engaged with European business leaders and industry representatives, holding discussions with stakeholders from the diamond industry, maritime services, solar energy, clean technology, waste treatment, and green hydrogen sectors.

This comprehensive engagement underscores the broadening scope of India-Belgium economic cooperation and their shared commitment to sustainable development.

(KNN Bureau)

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