India, Belgium Agree to Double Bilateral Trade in Five Years

India and Belgium have agreed to significantly deepen their strategic partnership, setting an ambitious target to double bilateral trade within the next five years. The announcement followed a meeting between the Prime Ministers in New Delhi, which focused on expanding collaboration beyond traditional sectors into defence, clean energy, and technology.

To facilitate greater Belgian investment, India announced the formation of an 'Investment Fast-Track Mechanism'. The two nations also decided to institutionalise the India-Belgium Business Forum and enhance coordination between their financial, fintech, and regulatory bodies.

Defence and security cooperation emerged as a key pillar of the talks. The leaders agreed to increase military exchanges and training collaboration. New agreements between governments and defence industries are expected to open avenues for co-development and co-production, including work on modern equipment such as the Zorawar tank. The two sides also committed to strengthening intelligence sharing and cooperation against crime.

On the energy front, the nations signed an MOU on renewable energy to accelerate sustainability efforts. They will also boost collaboration in the processing and recycling of critical minerals. Recognising complementary strengths, India and Belgium will work to connect Belgium's IMEC institute with India's semiconductor ecosystem.

Acknowledging the importance of people-to-people ties, the leaders agreed to strengthen start-up connections and enhance capacity building in the maritime sector. Plans were also announced to bolster university and research collaboration and to finalise a 'Migration and Mobility Partnership Agreement' soon.

Discussing global issues, both nations reaffirmed their commitment to the rule of law, dialogue, and diplomacy. They called for a swift end to conflicts in Ukraine and West Asia and reiterated a shared commitment to eliminate terrorism in all its forms.

The visit marked the Belgian Prime Minister's first to India, though his connection to the country is longstanding, having previously served as the Mayor of Antwerp, a hub for the India-Belgium diamond trade. The leaders noted that the relationship, rooted in shared democratic values and the sacrifice of Indian soldiers in Belgium during World War I, has made remarkable progress over the past decade.