22 Jan '25
(Fibre2Fashion News Desk (SG): India’s Commerce and Industry Minister, Piyush Goyal, met with Belgian Foreign Affairs, European Affairs, and Foreign Trade Minister Bernard Quintin earlier this week in Brussels to enhance bilateral trade and investment relations. The discussions reaffirmed the strong ties between India and Belgium, focusing on expanding economic collaboration and exploring new opportunities to strengthen their partnership.
Insights
India's Commerce Minister Piyush Goyal met Belgian Minister Bernard Quintin in Brussels to strengthen trade ties.
India-Belgium trade stood at $15.07 billion in 2023-24, with Belgian FDI in India at $3.94 billion.
They discussed deepening economic diplomacy, diversifying trade, and progressing on the EU-India FTA.
Both committed to enhancing trade mechanisms for a stronger partnership.
The India-Belgium trade is estimated at over $15.07 billion in 2023-2024 while Foreign Direct Investments (FDI) from Belgium into India was estimated at over $3.94 billion, Ministry of Commerce and Industry said in a press release.
During the meeting, both leaders acknowledged Belgium’s significant reliance on foreign trade and India’s dynamic, growing economy as key factors for leveraging mutual opportunities.
Recognising the potential of trade as a cornerstone of their partnership, they emphasised 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 emphasised the importance of prioritising trade issues to streamline negotiations and strengthen economic ties.
Belgium recognised the importance of engaging with India as a strategic partner to diversify its trade relationships. The meeting concluded with a commitment to establish stronger mechanisms for resolving trade issues. Both leaders affirmed their dedication to fostering a robust and mutually beneficial trade partnership. (Source: Fibre2Fashion.com)