India, Belgium to deepen trade and investment ties: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal and Bernard Quintin, Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade, held bilateral talks successful Brussels to boost commercialized and concern ties crossed the spectrum, it was announced connected Tuesday.

The gathering reinforced the longstanding narration betwixt India and Belgium, built connected shared values of democracy, regularisation of instrumentality and autarkic judiciary, according to a connection by Ministry of Commerce and Industry.

The 2 leaders discussed ways to grow economical cooperation, and explored caller avenues to beforehand this partnership.

“We had fruitful discussions connected the upcoming Belgian Economic Mission to India and explored avenues to deepen communal commercialized and concern ties, with a absorption connected sustainable technologies, semiconductors, gems and jewellery, healthcare, and cultivation products,” Goyal posted connected X societal media platform.

Both the leaders acknowledged Belgium's important reliance connected overseas commercialized and India's dynamic, increasing system arsenic cardinal factors for leveraging communal opportunities.

“Recognising the imaginable of commercialized arsenic a cornerstone of their partnership, they emphasised the value of diversifying commercialized relations and deepening economical diplomacy to execute sustainable growth,” according to the ministry.

The leaders besides discussed the advancement of the EU-India Free Trade Agreement (FTA) negotiations and emphasised the value of prioritising commercialized issues to streamline negotiations and fortify economical relations.

The India-Belgium commercialized is estimated astatine implicit $15.07 cardinal successful 2023-2024 portion overseas nonstop investments (FDIs) from Belgium into India was estimated astatine implicit $3.94 billion.

Emerging sectors specified arsenic renewable energy, beingness sciences, infrastructure, integer technologies, and nutrient products were highlighted arsenic cardinal areas of collaboration.

Belgium recognised the value of engaging with India arsenic a strategical spouse to diversify its commercialized relationships. Regulatory barriers, peculiarly successful the support processes for pharmaceuticals and agri-products, were besides discussed, with some sides agreeing to tackle these challenges done continuous dialogue.

The gathering concluded with a committedness to found stronger mechanisms for resolving commercialized issues. Both leaders affirmed their dedication to fostering a robust and mutually beneficial commercialized partnership.

“This high-level engagement marks a important measurement successful advancing India-Belgium commercialized relations, strengthening their shared imaginativeness for economical maturation and sustainable development,” the ministry noted.