New Delhi, Jan 21 (NationPress) Union Minister for Commerce and Industry Piyush Goyal and Bernard Quintin, the Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade, engaged in bilateral discussions in Brussels aimed at enhancing trade and investment relations across various sectors, as announced on Tuesday.

The meeting underscored the enduring partnership between India and Belgium, founded on shared principles of democracy, rule of law, and an independent judiciary, as stated by the Ministry of Commerce and Industry.

The two officials deliberated on strategies to broaden economic cooperation and identified new opportunities to progress this collaboration.

“We had productive dialogues regarding the forthcoming Belgian Economic Mission to India and examined ways to enhance mutual trade and investment relations, particularly in sustainable technologies, semiconductors, gems and jewellery, healthcare, and agricultural products,” Goyal shared on the X social media platform.

Both leaders recognized Belgium’s considerable dependence on foreign trade and India’s vibrant, expanding economy as pivotal aspects for capitalizing on mutual opportunities.

“Acknowledging the potential of trade as a fundamental aspect of their partnership, they highlighted the necessity of diversifying trade ties and intensifying economic diplomacy to attain sustainable growth,” the ministry revealed.

The leaders also reviewed the developments surrounding the EU-India Free Trade Agreement (FTA) negotiations, stressing the significance of prioritizing trade matters to facilitate negotiations and fortify economic relations.

Trade between India and Belgium is projected to exceed $15.07 billion in 2023-2024, while foreign direct investments (FDIs) from Belgium into India are estimated to surpass $3.94 billion.

Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were identified as vital areas for collaboration.

Belgium acknowledged the significance of engaging with India as a strategic ally to diversify its trade connections. Regulatory hurdles, especially regarding the approval processes for pharmaceuticals and agricultural products, were also addressed, with both nations agreeing to confront these challenges through ongoing dialogue.

The meeting concluded with a pledge to create stronger frameworks for resolving trade concerns. Both leaders confirmed their commitment to nurturing a strong and mutually advantageous trade partnership.

“This high-level engagement represents a pivotal milestone in advancing India-Belgium trade relations, reinforcing their shared vision for economic growth and sustainable development,” the ministry added.