Piyush Goyal's Brussels Visit Strengthens India-Belgium Economic Ties
Union Minister of Commerce and Industry Piyush Goyal's recent visit to Brussels has provided a significant boost to India-Belgium trade and investment relations. During his official engagement, Goyal met with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders Region Matthias Diependaele, focusing on deepening collaboration in trade, technology, investment, and innovation.
The meeting, held on Friday, also served as a platform to assess the progress of the India–European Union Free Trade Agreement (FTA) negotiations. Both sides emphasized the importance of resolving tariff and non-tariff barriers to enhance market access and foster mutual economic growth. Goyal described India as 'not just a market of the future it is a collaborator of trust', underlining India’s long-term commitment as a reliable economic partner for Europe.
This diplomatic exchange builds on the momentum created by the visit of Princess Astrid of Belgium to India in March 2025. Her interactions with Prime Minister Narendra Modi reflected a shared ambition to unlock opportunities in trade, defence, agriculture, innovation, skilling, life sciences, and academic exchanges. The over 300-member Belgian Economic Mission she led demonstrated Belgium’s intent to strengthen commercial and institutional linkages with India.
Discussions in Brussels further explored avenues for scaling up bilateral trade, encouraging industrial collaboration, and enhancing investments in key sectors such as semiconductors, clean energy, pharmaceuticals, and defence production. The Flanders region, recognized as Belgium’s economic powerhouse, was identified as a vital partner owing to its advanced manufacturing capabilities, robust R&D infrastructure, and strategic access to European markets.
Goyal highlighted India’s remarkable economic transformation over the past decade, pointing to major reforms that have improved the ease of doing business and empowered entrepreneurs and citizens alike. “The last eleven years have not only been about economic upliftment, but about enabling aspirations”, he stated.
With India emerging as the fastest-growing major economy, and expected to maintain this trajectory over the coming decades, the nation presents a compelling opportunity for global partners. Belgium, already a key European partner, is India’s fifth-largest trading partner within the EU, with bilateral trade touching $15.07 billion in FY 2023–24. Belgian foreign direct investment (FDI) in India has also seen a significant uptick, totalling $3.94 billion from April 2000 to September 2024, including $1.1 billion in the last year alone a 39% increase.
Bilateral cooperation now spans critical sectors such as green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical R&D. Both nations agreed to intensify high-level engagements and encourage frequent business delegation visits to accelerate outcomes and ensure resilient, forward-looking economic cooperation.
