India-Belgium Trade Reaches USD 15 Bn; Remains 5th Largest Partner in EU

New Delhi, May 5 (KNN) The economic relationship between India and Belgium seems on growth path with bilateral trade reaching USD 15.07 billion in the 2023-24 period with Belgium maintaining its position as India’s fifth-largest trading partner within the European Union.

Foreign direct investment from Belgium into India has also demonstrated particularly impressive growth. 

Total Belgian FDI stands at USD 3.94 billion for the period from April 2000 to September 2024, with a remarkable 39 percent increase (USD 1.1 billion) occurring in just the past year. 

The commerce ministry has reported significant developments in India-Belgium relations following Commerce and Industry Minister Piyush Goyal’s recent meeting with Belgian officials in Brussels. 

The May 2nd discussions with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President, Flanders region, Matthias Diependaele centered on strengthening economic partnerships across multiple sectors.

The dialogue focused on expanding bilateral trade volumes while fostering deeper industrial collaboration. 

Both nations identified sectors for enhanced investment, including semiconductors, clean energy, defence production, and pharmaceuticals. 

These priority areas reflect shared interests in advancing technological capabilities and industrial development.

Progress in the ongoing EU-India Free Trade Agreement negotiations was also reviewed during the meetings. 

Both parties acknowledged the importance of addressing both tariff and non-tariff barriers to facilitate improved market access, which would benefit businesses on both sides.

(KNN Bureau)

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