Union Minister of Commerce and Industry Piyush Goyal held a significant meeting in Brussels on May 2, 2025, with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of Flanders Matthias Diependaele, aimed at deepening the Indo-Belgian partnership across trade, technology, investment, and innovation.

This engagement builds on the momentum generated by the March 2025 visit of HRH Princess Astrid of Belgium to India, during which she met Prime Minister Narendra Modi and led a 300-member Belgian Economic Mission, highlighting the shared ambition to unlock new avenues for collaboration in sectors such as trade, technology, defence, agriculture, life sciences, innovation, skilling, and academic exchanges.

During the Brussels meeting, both sides reaffirmed their commitment to forging resilient, future-focused ties that enhance mutual growth and contribute to a more integrated global economic framework.

The discussions focused on scaling bilateral trade, fostering industrial collaboration, and deepening investments in strategic sectors including semiconductors, clean energy, defence production, and pharmaceuticals. The Flanders region, recognized as Belgium’s economic engine, was highlighted for its advanced manufacturing ecosystem, robust R&D infrastructure, and its role as a strategic gateway to Europe.

India, as the world’s fastest-growing major economy, presents unprecedented opportunities for bilateral cooperation, driven by its young, aspirational population and a reform-oriented environment. Minister Goyal emphasized India’s transformative economic journey over the past decade, noting that reforms have empowered citizens and entrepreneurs, and stating that the past eleven years have been about "enabling aspirations" as much as economic upliftment.

A key agenda item was the ongoing EU-India Free Trade Agreement (FTA) negotiations. Both parties recognized the need to address tariff and non-tariff barriers to enhance market access, with Minister Goyal reiterating India’s position as a trusted and long-term economic partner for Europe, emphasizing that “India is not just a market of the future-it is a collaborator of trust”.

Belgium remains one of India’s most significant economic partners within Europe, ranking as India’s fifth-largest trading partner in the EU, with bilateral trade reaching USD 15.07 billion in 2023-24. Belgian Foreign Direct Investment (FDI) in India totaled USD 3.94 billion from April 2000 to September 2024, including a remarkable 39% increase-USD 1.1 billion-in the past year alone. The expanding depth and strategic nature of the Indo-Belgian economic relationship is evident in areas such as defence manufacturing, green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical R&D.

Both sides agreed to strengthen high-level engagements and facilitate regular visits by business delegations to accelerate trade and investment outcomes, reaffirming their shared vision of mutual prosperity and resilient economic cooperation amidst evolving global challenges.

ANI