Leaders discuss trade, investment, and economic cooperation, set goal to double bilateral trade over five years.
Prime Minister Narendra Modi and the Prime Minister of Belgium, Bart De Wever met to reaffirm their commitment to deepening trade, investment, and economic cooperation between India and Belgium. The leaders welcomed the growing diversification of sectors in bilateral trade and set an ambitious goal of doubling bilateral trade over the next five years. Potential for cooperation was identified in various sectors including pharmaceuticals, life sciences, semiconductors, defence manufacturing, critical minerals, renewable energy, ports, logistics, space, and advanced technologies. With Belgium as the 24th biggest economy in the world and India’s ambition to become a 10 trillion dollar economy, both leaders acknowledged abundant opportunities for mutually beneficial partnerships. The successful conclusion of negotiations on the India-EU Free Trade Agreement was welcomed and timely implementation called for. Negotiations on the India-EU Investment Protection Agreement and the Geographical Indications Agreement were also addressed. On defence and security, Belgium conveyed solidarity with India in the fight against terrorism and condemned the terror attack in Pahalgam. Cooperation against terrorism was agreed to be strengthened and a Joint Working Group on Counter-Terrorism explored. The countries signed a Letter of Intent to strengthen defence cooperation through regular exchanges, training, research, and defence-industrial partnerships. A Memorandum of Understanding was also signed between the Central Bureau of Investigation and the Federal Police of Belgium to combat transnational organised crime and cybercrime. The leaders discussed renewable energy, green hydrogen, solar power, energy storage, and offshore wind. Greater cooperation in semiconductors, artificial intelligence, startups, and emerging technologies was encouraged. The two sides agreed to strengthen connectivity and people-to-people ties by expanding visa processing capacity and exploring direct air connectivity between India and Belgium. Prime Minister Modi invited leading Belgian universities to establish campuses in India. International issues including the situations in Ukraine and West Asia were discussed, and support for dialogue and diplomacy to address conflicts was reaffirmed.
Source:
Akashvani News
