India and Belgium reviewed the bilateral trade relations and setting ambitious objectives during the 16th Session of India-Belgium Luxembourg Economic Union (BLEU) Joint Economic Commission (JEC)here on Tuesday. The forum was established in 1997.
The European Union is India's largest trade partner. Among the 28 EU member States, Belgium has the third largest trade with India with a total trade value worth €12,8 billion in 2018 consisting of diamonds, pharmaceuticals, chemicals, foodstuff and machinery. These trade figures reflect the close economic partnership emphasizing bilateral relationship. Belgium is keen to further diversify trade relations and explore new sectors with India. About 170 Belgian companies are based in India, whereas around 80 Indian companies have set up a plant or office in Belgium.
As a logistics and transport expert, Belgium works along with Luxembourg to ensure a smooth and swift trade access to Europe for Indian businesses through the Port of Antwerp, which is the second largest port in Europe and functions as 'the Gateway to Europe'. India is among the ten most important partners of the Port of Antwerp.
Belgium has a high-quality network of highways and sea routes that connects it with the rest of Europe. An area covering some twenty of Europe's largest cities lies only a day's travel away by road. Belgium's rail network is one of the oldest but also one of the densest in Europe. Its airports are major hubs for passengers and freight and are entirely complementary to road and rail connections. India and Belgium have expressed their common wish to reopen a direct flight connection between their respective capitals in the near future.
During the Joint Economic Commission, Belgium highlighted its broad expertise and cutting-edge life sciences ecosystem, including biotechnology and pharmaceutical activities where there is a close cooperation between universities and industry. Special attention was also given to the food industry which is the second most important sector in the Belgian processing industry after chemicals. Belgium is also looking forward to explore cooperation opportunities in the aerospace and satellites sector. Moreover, it wishes to promote itself as preferred tourist destination for citizens of India.
