India, Belgium aim to double bilateral trade in five years

India and Belgium aim to double bilateral trade in the next five years, as the two 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, defence industrial collaboration, critical minerals refining and recycling, sustainable industries and nuclear energy.

India-Belgium bilateral trade stood at $10.92 billion in 2025-26, according to the ministry of external affairs’ bilateral relations brief updated in June.

“Being at the centre of European integration, Belgium has been an important trade and investment partner for India within the EU for many years, particularly 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, Centre for European Studies, Jawaharlal Nehru University (JNU).

“Now both countries are seeking to expand economic ties further into areas such as defence, renewable energy, and semiconductors—sectors in which Belgium has significant expertise. A dedicated investment platform, along 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 negotiations for the India-EU Free Trade Agreement during the India-EU Summit on 27 January and called for its timely implementation to realise the potential for greater trade and investment collaboration through diversifying critical value chains and opening new markets.

They also called for the conclusion of negotiations on the EU-India Investment Protection Agreement and the Agreement on Geographical Indications at the earliest opportunity, with a view to further strengthening economic ties between India and the European Union.

The leaders welcomed significant progress under the India-EU Trade and Technology Council, including its ministerial meeting held in Brussels in July 2026, towards forging a more integrated, resilient and sustainable economic and technological partnership.

In this context, India and Belgium reaffirmed their commitment to further strengthening cooperation on trade, technology, economic security and resilient supply chains.

Deepening ties

Both sides also endorsed the Joint India-EU Comprehensive Strategic Agenda for 2030, aimed at further reinforcing the strategic partnership by broadening and deepening India-EU cooperation.

On bilateral economic ties, the two leaders noted the successful Belgian Economic Mission to India in March 2025, and recognised it as an important milestone in advancing bilateral economic engagement, fostering new partnerships between businesses and institutions and expanding cooperation in priority sectors.

The two sides also underlined the strategic importance of maritime and port cooperation, welcoming opportunities to deepen collaboration in port development, logistics, connectivity, dredging and offshore wind infrastructure.

The leaders welcomed the launch of the India-Belgium Investment Fast-Track Mechanism, which will serve as a dedicated platform to facilitate and expand investments, support businesses, address investment bottlenecks and foster a more conducive environment for long-term economic cooperation.

The leaders also welcomed ongoing engagement between Belgium's Federal Holding and Investment Company (SFPIM), Belgium's Sovereign Wealth Fund, and India's National Investment and Infrastructure Fund (NIIF).

The countries hoped to formalise the SFPIM-NIIF collaboration to help establish 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 mutual interest.