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.
ALCHEMPro News Desk (SG)
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