India, Belgium discuss ways to boost bilateral trade, investments

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India and Belgium have discussed ways to increase boost bilateral trade, foster industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharma, an official statement said on Sunday.

The two sides 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. 

These deliberations were held during the visit of Commerce and Industry Minister Piyush Goyal with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders region Matthias Diependaele in Brussels on May 2.

"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 commerce ministry said.

Belgium is India's fifth-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 during April 2000 to September 2024, including a 39 per cent growth ($1.1 billion) in the past year alone.