PM Modi Announces India-Belgium Goal To Double Bilateral Trade In Five Years
India and Belgium aim to expand trade through stronger economic cooperation.
Prime Minister Narendra Modi announced that India and Belgium have set an ambitious target of doubling bilateral trade over the next five years as the two countries moved to expand cooperation across trade, defence, clean energy, technology and other strategic sectors. Modi made the announcement on Thursday following his meeting with Belgian Prime Minister Bart De Wever during the latter’s three-day official visit to India.
Modi highlighted the India-European Union Free Trade Agreement concluded earlier this year, describing it as a major opportunity to deepen economic engagement between India and Belgium. He noted that both countries are working to translate the new trade opportunities into concrete outcomes, including the establishment of an Investment Fast-Track Mechanism in India to facilitate greater participation by Belgian companies.
The two sides have also decided to make the India-Belgium Business Forum a regular mechanism for strengthening commercial ties. Modi announced plans to improve coordination between financial, fintech and regulatory institutions in both countries, with the broader objective of supporting investment and achieving the five-year trade target. Defence and security cooperation also emerged as a key area, with both sides agreeing to expand military exchanges and training, while government and industry-level arrangements could open avenues for defence co-development and co-production.
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Cooperation in clean energy and critical minerals is another priority for the two countries. Modi noted that a newly signed memorandum of understanding on renewable energy would provide fresh momentum to sustainability-related cooperation, while India and Belgium would work together on the processing and recycling of critical minerals. He also pointed to the potential for collaboration in semiconductors, with Belgium’s expertise and India’s manufacturing scale seen as complementary strengths, including through closer integration between Belgium’s IMEC Institute and India’s semiconductor ecosystem.
The two countries are also seeking to strengthen people-to-people and institutional ties through greater cooperation among startups, universities and research institutions. Modi noted that India and Belgium would enhance capacity building in the maritime sector and are expected to sign a Migration and Mobility Partnership Agreement to facilitate the movement of talent. Intelligence sharing and cooperation between agencies in tackling crime are also expected to form part of the expanded security partnership.
De Wever, who became Belgium’s Prime Minister in February 2025, is visiting India for the first time in his current role. His visit is also the first by a Belgian Prime Minister to India in 20 years. He is accompanied by Belgian Defence and Foreign Trade Minister Theo Francken and a high-level delegation of government officials and business leaders, including representatives from Belgium’s defence industry.
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