India and Belgium have set a target to double their bilateral trade within the next five years, according to a joint statement released on Thursday. The announcement came during discussions between Prime Minister Narendra Modi and Belgian Prime Minister Bart De Wever, highlighting a commitment to deepen economic ties and cooperation across multiple sectors.
The two leaders welcomed the expansion of bilateral economic relations, emphasizing the growing diversification in trade sectors. Key areas identified for collaboration include semiconductors, chemicals, pharmaceuticals, defence industrial cooperation, and critical minerals refining and recycling. External Affairs Minister S Jaishankar was also present during the discussions, underscoring the strategic importance of the partnership.
This development reflects a broader trend of strengthening ties between India and European nations, aiming to boost trade volumes and investment flows. The focus on high-tech and critical sectors such as semiconductors and defence aligns with global shifts towards securing supply chains and enhancing technological capabilities. The move could position Belgium as a significant partner in India's economic growth and industrial diversification efforts.
The joint statement marks a formal commitment to elevate trade relations, with the five-year timeline providing a clear benchmark for progress. The next major review of this bilateral trade goal is expected during the scheduled annual economic dialogue between the two countries, which will track advancements in the outlined sectors and investment initiatives.