How Does Piyush Goyal's Visit to Brussels Enhance India-Belgium Trade?

New Delhi, May 4 (NationPress) Union Minister of Commerce and Industry Piyush Goyal engaged in a fruitful dialogue in Brussels with Belgian Minister of Defence and Foreign Trade Theo Francken, along with Minister-President of the Flanders region Matthias Diependaele, to fortify the India-Belgium alliance in the realms of trade, technology, investment, and innovation, as indicated by a statement from the Commerce Ministry on Sunday.

The discussions also assessed the progress of the EU–India Free Trade Agreement (FTA) negotiations, with both sides acknowledging the necessity to tackle tariff and non-tariff obstacles to improve market access. Goyal reaffirmed India's status as a reliable and long-standing economic ally for Europe's expansion, stating: "India is not merely a market of the future - it is a trustworthy collaborator."

These talks, conducted on Friday, followed the visit of Princess Astrid of Belgium to India in March this year, where her discussions with Prime Minister Narendra Modi highlighted a mutual goal to explore new opportunities for cooperation in trade, technology, defence, agriculture, life sciences, innovation, skill development, and academic exchanges.

The 300-member strong Belgian Economic Mission, led by Princess Astrid, injected fresh vitality into this evolving bilateral relationship. Both nations reiterated their dedication to building on this momentum to create robust, future-oriented ties that foster mutual growth and contribute to a more interconnected global economic landscape.

The discussions underscored increasing economic synergies and concentrated on amplifying bilateral trade, promoting industrial collaboration, and enhancing investments in key sectors like semiconductors, clean energy, defence production, and pharmaceuticals.

The Flanders region, recognized as Belgium's economic powerhouse, was emphasized as an essential partner due to its advanced manufacturing capabilities, R&D infrastructure, and its strategic position as a European entry point. With India being the world's fastest-growing major economy, expected to maintain that trajectory over the next twenty years, driven by a youthful, ambitious population and a dynamic reform-focused environment, the growth narrative offers exceptional opportunities for both India and Belgium.

During Commerce Minister Goyal's visit to Brussels, the two nations reaffirmed their collaborative vision of shared prosperity and resilient economic cooperation amidst changing global dynamics. Goyal reflected on India's transformative economic journey over the last decade, emphasizing reforms that have empowered citizens and entrepreneurs alike. "The past eleven years have not just been about economic elevation, but about enabling aspirations," he remarked.

Belgium stands as one of India's most crucial economic allies in Europe, ranking as India's 5th largest trading partner within the EU. Bilateral trade reached $15.07 billion in 2023–24, with Belgian FDI in India totaling $3.94 billion from April 2000 to September 2024, including a remarkable 39% growth - $1.1 billion - in the past year alone. Bilateral cooperation spans an extensive range of sectors, including defence manufacturing, green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical R&D, signifying the expanding depth and strategic nature of the Indo-Belgian economic relationship. Both parties agreed to enhance high-level dialogues and facilitate regular business delegations to accelerate trade and investment results.