India and Belgium have discussed ways to boost bilateral trade, foster industrial collaboration, and deepen investments in strategic sectors such as semiconductors, clean energy, defence production, and pharma. 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 Friday.

Belgium is India’s fifth-largest trading partner within the EU, with bilateral trade reaching 15.07 billion US Dollars in 2023-24.

Belgian FDI in India has totalled 3.94 billion US Dollars from April 2000 to September 2024, including a 39 per cent growth in the past year alone.