India and Belgium aim to double bilateral trade within five years | Today’s news
India and Belgium aim to double bilateral trade in the next five years as both countries seek to deepen trade, investment and economic cooperation, according to a joint statement on Thursday.
Prime Minister Narendra Modi and his Belgian counterpart Bart De Wever welcomed the expansion of bilateral economic ties and the growing diversification of sectors in bilateral trade, including semiconductors, chemicals, pharmaceuticals, defense industrial cooperation, refining and recycling of critical minerals, sustainable industries and nuclear energy.
Bilateral trade between India and Belgium stood at $10.92 billion in 2025-26, according to the Ministry of External Affairs’ brief on bilateral relations updated in June.
“Belgium is at the center of European integration and has been an important trade and investment partner for India within the EU for many years, especially in diamonds, pharmaceuticals, chemicals and the IT sector. Belgium is also likely to benefit from the India-EU FTA once it is implemented,” said Gulshan Sachdeva, professor at the Center for European Studies at Jawaharlal Nehru University (JNU).
Read also | India to probe China link in surge in imports of solar cells from Ethiopia
“Now both countries are looking to further expand economic ties in areas such as defence, renewable energy and semiconductors – sectors in which Belgium has considerable expertise. A specialized investment platform together with a bilateral agreement on mobility and migration could further strengthen economic ties between the two countries,” he said.
The two leaders also welcomed the successful conclusion of India-EU Free Trade Agreement negotiations during the India-EU Summit on 27 January and called for its timely implementation to harness the potential for greater trade and investment cooperation through diversification of critical value chains and opening of new markets.
They also called for the speedy conclusion of negotiations on the EU-India Investment Protection Agreement and the Agreement on Geographical Indications to further strengthen economic ties between India and the European Union.
Leaders welcomed significant progress in the India-EU Trade and Technology Council, including its ministerial meeting in Brussels in July 2026, towards a more integrated, resilient and sustainable economic and technology partnership.
Read also | Goyal calls for a nationwide push to release export benefits under free trade agreements
In this context, India and Belgium reaffirmed their commitment to further strengthen cooperation in trade, technology, economic security and resilient supply chains.
Deepening ties
Both sides also endorsed the India-EU Joint Comprehensive Strategic Agenda 2030, which aims to further strengthen the strategic partnership by expanding and deepening India-EU cooperation.
Regarding bilateral economic ties, the two leaders took note of the successful Belgian economic mission to India in March 2025 and recognized it as an important milestone in promoting bilateral economic engagement, fostering new partnerships between businesses and institutions and expanding cooperation in priority sectors.
The two sides also highlighted the strategic importance of maritime and port cooperation and welcomed opportunities to deepen cooperation in port development, logistics, connectivity, dredging and offshore wind infrastructure.
Leaders welcomed the launch of the India-Belgium Investment Accelerated Facility, which will serve as a dedicated platform to facilitate and expand investment, support businesses, address barriers to investment and promote a more conducive environment for long-term economic cooperation.
Read also | Trade regulator automates export certificates to reduce delays
The leaders also welcomed the continued cooperation between the Belgian Federal Holding and Investment Company (SFPIM), the Belgian sovereign wealth fund and the National Investment and Infrastructure Fund of India (NIIF).
The countries hoped to formalize the SFPIM-NIIF collaboration to help create the Indo-Belgian Economic and Investment Corridor. They also welcomed the contribution of the Belgian Investment Company for Developing Countries (BIO Invest) and agreed to explore potential cooperation between BIO Invest and NIIF in areas of common interest.
