1 hr ago
India, Belgium Set Goal to Double Bilateral Trade
India and Belgium want to trade twice as much with each other within five years.
Their leaders discussed ways to help businesses invest and work together.
They also want to cooperate more on defence and train their military forces together.
The countries plan to share more information to fight crime.
They will work on clean energy and recycling important minerals.
Belgium has semiconductor knowledge, while India has a large technology sector.
The two countries also want to connect startups, universities and researchers.
They plan to make it easier for skilled people to move between the countries.
India and Belgium aim to double bilateral trade over the next five years.
The countries agreed to deepen cooperation in economic, defence, clean energy and technology sectors.
India will establish an Investment Fast-Track Mechanism for Belgian companies and make the India-Belgium Business Forum regular.
The two sides plan stronger military exchanges, intelligence sharing, renewable-energy cooperation and critical-mineral recycling.
Belgian Prime Minister Bart De Wever is making the first Belgian prime ministerial visit to India in two decades.
- Who
- Indian Prime Minister Narendra Modi and Belgian Prime Minister Bart De Wever, accompanied by Belgian Defence and Foreign Trade Minister Theo Francken and a high-level delegation.
- What
- India and Belgium set a goal of doubling bilateral trade over five years and agreed to expand cooperation across several sectors.
- Where
- The meeting and joint press statement took place in India.
- When
- The announcement was made on Thursday during Bart De Wever's three-day official visit to India.
- Why
- The countries want to use new economic opportunities, including the India-European Union Free Trade Agreement, to strengthen trade and broader bilateral cooperation.
Key facts
- Trade target
- Double India-Belgium bilateral trade within five years.
- Investment measure
- India will establish an Investment Fast-Track Mechanism for Belgian companies.
- Business cooperation
- The India-Belgium Business Forum will become a regular mechanism.
- Defence cooperation
- The countries agreed to enhance military exchanges, training, defence co-development and co-production opportunities.
- Clean energy
- A renewable-energy memorandum of understanding was signed, alongside plans for greater critical-mineral processing and recycling cooperation.
- Technology
- The countries will work toward integrating Belgium's IMEC Institute with India's semiconductor ecosystem.
- Mobility
- India and Belgium plan to sign a Migration and Mobility Partnership Agreement to facilitate talent movement.
Quotes
Narendra Modi
Prime Minister of India
“We have decided to make the India-Belgium Business Forum a regular mechanism. We will enhance synergy between the financial, fintech, and regulatory institutions of both nations, and through these measures, we will realise the goal of doubling bilateral trade over the next five years.”
NDTV
“The MoU on renewable energy signed today will give new momentum to our cooperation on sustainability. We have decided to enhance cooperation in the processing and recycling of critical minerals.”
NDTV
Sources
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