NEW DELHI, Jan 21: India and Belgium have reached an agreement to create mechanisms for addressing trade concerns in sectors such as pharmaceuticals and agricultural products, aimed at enhancing bilateral trade, based on an official statement released on Tuesday.
The topics were addressed during a meeting between Commerce and Industry Minister Piyush Goyal and Belgian Foreign Affairs and Foreign Trade Minister Bernard Quintin in Brussels.
“Regulatory challenges, especially regarding the approval procedures for pharmaceuticals and agricultural goods, were also on the agenda, with both parties committing to overcome these hurdles through ongoing discussions,” stated the commerce ministry.
It was noted that the two ministers consented to form more robust mechanisms for resolving trade-related issues.
The leaders also reviewed the status of the EU-India Free Trade Agreement (FTA) negotiations and underscored the significance of prioritizing trade concerns to facilitate talks and strengthen economic relations.
Key emerging sectors like renewable energy, life sciences, infrastructure, digital technologies, and food products were identified as vital areas for collaboration between the two nations.
Belgium acknowledged the necessity of engaging with India as a strategic ally to diversify its trade connections, as mentioned in the statement.
During 2023-2024, India-Belgium trade was valued at USD 15.07 billion. (PTI)
