Davos agenda
The annual World Economic Forum (WEF) meeting in Davos comes at a time of unprecedented global challenges, where armed conflict has been identified as the most pressing risk for 2025.
Union Commerce and Industry Minister, Piyush Goyal, met with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels on the sidelines of World Economic Forum (WEF).
Both the leaders highlighted that the emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products as key areas of collaboration.
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Belgium recognized the importance of engaging with India as a strategic partner to diversify its trade relationships.
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Regulatory barriers, particularly in the approval processes for pharmaceuticals and agri-products, were also discussed, with both sides agreeing to tackle these challenges through continuous dialogue.
Notably, India-Belgium trade is estimated at over US$ 15.07 billion in 2023-2024 while Foreign Direct Investments from Belgium into India was estimated at over US$ 3.94 billion.
The meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary.
Both the leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership.
Recognizing the potential of trade as a cornerstone of their partnership, both the leaders emphasized the importance of diversifying trade relations and deepening economic diplomacy to achieve sustainable growth.
The meeting concluded with a commitment to establish stronger mechanisms for resolving trade issues. They affirmed their dedication to fostering a robust and mutually beneficial trade partnership.
At his visit to Brussels, Piyush Goyal also interacted with European business leaders, representatives of diamond industry and investors in areas of maritime services, solar energy, clean technology, waste treatment and green hydrogen.
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