Belgian PM De Wever pitches lower, zero tariffs to boost India-EU trade
Belgian Prime Minister Bart De Wever on Friday called for further cuts in import duties on goods traded between India and the European Union, including the possibility of zero tariffs, to spur bilateral trade, particularly in the diamonds sector.
Speaking at the Bharat Diamond Bourse (BDB), Wever said it took two decades for India and the 27-nation EU bloc to reach the “landmark” free trade agreement in January this year.
The pact is likely to be signed by the end of this year and may be implemented next year.
“The FTA greatly reduces the existing import duties on all kinds of products, including polished diamonds which are exported by India. And I understand, there is willingness to discuss further lowering or even going to zero tariffs. And we would certainly welcome and back and support that initiative,” he said. He further said that he wanted trade between India and Belgium to be as seamless as possible, noting significant scope for growth in diamonds and various other products and sectors.
“I want the import duties between us brought down as far as they can possibly be, in both directions. Because Belgium and Antwerp will always be open for business and certainly for diamonds and certainly for people,” he added. “Our trade runs in two directions and brings advantages to both partners, so it will definitely thrive for at least another 100 years,” Wever said.
BDB president Anoop Mehta said the two countries shared much more than a trading partnership as many Indian diamantaires, particularly from Gujarat, have made Antwerp their home.
“The world is changing rapidly, and our industry must adapt in partnership. Our shared objective should be to create a diamond trade that is not only prosperous, but also fair, transparent and sustainable,” he added.
