New Delhi, May 4 Union Minister of Commerce and Industry Piyush Goyal held a productive meeting in Brussels with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders region Matthias Diependaele to strengthen the India-Belgian partnership across trade, technology, investment, and innovation, according to a Commerce Ministry statement issued on Sunday.
The meeting also reviewed progress in EU–India Free Trade Agreement (FTA) negotiations, with both parties recognising the need to address tariff and non-tariff barriers to enhance market access. Goyal reiterated India’s position as a trusted and long-term economic partner for Europe’s growth, remarking: "India is not just a market of the future - it is a collaborator of trust."
The talks, held on Friday, follow the visit of Princess Astrid of Belgium to India, in March this year, where her meeting with Prime Minister Narendra Modi underscored the shared ambition to unlock new avenues for collaboration in trade, technology, defence, agriculture, life sciences, innovation, skilling and academic exchanges.
The over 300-member Belgian Economic Mission, led by Princess Astrid, infused fresh momentum into this dynamic bilateral relationship. Both sides reaffirmed their commitment to building on this momentum to forge resilient, future-focused ties that enhance mutual growth and contribute to a more integrated global economic framework.
The discussions highlighted growing economic synergies and focused on scaling bilateral trade, fostering industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharmaceuticals.
The Flanders region, recognised as Belgium’s economic engine, was highlighted as a critical partner with its advanced manufacturing ecosystem, R&D infrastructure, and its strategic role as a European gateway. With India already the world’s fastest-growing major economy and widely expected to remain so over the next two decades ahead - driven by a young, aspirational population and a dynamic reform-oriented environment, the growth story presents an unprecedented opportunity for India and Belgium.
During Commerce Minister Goyal's visit to Brussels, the two countries reaffirmed their shared vision of mutual prosperity and resilient economic cooperation amidst evolving global challenges. Goyal reflected on India’s transformative economic journey over the past decade, emphasising reforms that have empowered citizens and entrepreneurs alike. "The last eleven years have not only been about economic upliftment, but about enabling aspirations," he stated.
Belgium remains one of India’s most significant economic partners in Europe. It is India’s 5th largest trading partner within the EU, with bilateral trade reaching $15.07 billion in 2023–24. Belgian FDI in India has totalled $3.94 billion from April 2000 to September 2024, including a remarkable 39 per cent growth - $1.1 billion - in the past year alone. Bilateral cooperation spans a wide array of sectors, including defence manufacturing, green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical R&D, reflecting the expanding depth and strategic nature of the Indo-Belgian economic relationship. Both sides agreed to strengthen high-level engagements and facilitate regular visits by business delegations to accelerate trade and investment outcomes.
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