Mumbai : The Union Minister for Commerce and Industry expressed satisfaction at participating in the India-Belgium High-Level Dialogue on the India-EU Free Trade Agreement, an event held jointly with Belgian Prime Minister Bart De Wever and attended by Maharashtra Chief Minister Devendra Fadnavis.
Speaking at the dialogue, the Minister noted that a newly inked Memorandum of Understanding between the Maharashtra government and Belgian firm John Cockerill for a green steel manufacturing facility in Gadchiroli marks a significant step forward. According to the Minister, the agreement is expected to deepen ties between Belgian industry and the state in the realms of sophisticated manufacturing and environmentally sustainable industrial practices.
The Minister also pointed to India’s expanding industrial footprint, attributing this momentum to the consistent leadership of Prime Minister Narendra Modi. Citing initiatives ranging from the second phase of the Semicon programme and the IndiaAI Mission to advances in critical minerals extraction, space technology, and nuclear energy capacity, the Minister described these as evidence of India opening fresh channels for international collaboration.
Turning to the broader trade relationship, the Minister emphasised that the proposed India-EU Free Trade Agreement carries substantial potential to strengthen economic ties between the two regions. The pact, the Minister said, could widen market access and unlock fresh possibilities for businesses, investors, and technology partners, all while advancing a common commitment to sustainable development.
The Minister concluded by inviting Belgian enterprises to broaden their footprint in India, pointing to promising sectors including advanced manufacturing, semiconductors, clean energy, infrastructure, defence, and agriculture as areas ripe for cooperation — collaboration that would, in turn, reinforce the wider India-Belgium partnership.
Background: The State of India-Belgium Trade Ties
- Belgium was among the first European nations to establish diplomatic relations with newly independent India, doing so in September 1947, laying the groundwork for what has since grown into a substantial economic partnership.
- Since 1997, the two countries have relied on the India-BLEU Joint Economic Commission as their principal forum for discussing bilateral trade and commercial matters.
- Bilateral trade between the two nations totalled roughly $10.92 billion in 2025-26, with Belgium ranking as India’s fifth-largest trading partner within the European Union, a relationship that touched $18.04 billion in FY 2023-24.
- On the export side, India primarily ships precious metals and stones, chemicals, and base metals to Belgium, while importing many of the same categories back, alongside textiles and machinery — with diamonds forming a particularly significant strand of this exchange.
- Belgian investment into India has also been notable, with FDI inflows totalling around $4.045 billion between April 2000 and June 2025, making Belgium the 18th-largest source of foreign direct investment into the country.
- Several major Indian IT and software firms — including TCS, Infosys, Tech Mahindra, and HCL — have set up operations in Belgium to serve both the local and wider European markets, while an Indian diaspora exceeding 35,000 people now calls Belgium home.
- Momentum has continued to build through 2025, with a series of high-level engagements including a March 2025 visit by Princess Astrid of Belgium leading a 300-member economic delegation, followed by trade talks in May 2025 between Commerce Minister Piyush Goyal and Belgian counterparts focused on scaling trade and technology cooperation.