India and Belgium have agreed to establish mechanisms to resolve trade issues in areas such as pharma and agri products to boost bilateral trade, according to an official statement issued on Tuesday.
The issues were discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Belgian Minister of Foreign Affairs and Foreign Trade Bernard Quintin, in Brussels.
“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,” the commerce ministry said.
It said that the two ministers agreed to establish stronger mechanisms for resolving trade issues.
The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) talks and emphasised the importance of prioritising trade issues to streamline negotiations and strengthen economic ties.
Emerging sectors such as renewable energy, life sciences, infrastructure, digital technologies, and food products were highlighted as key areas of collaboration between the two countries.
Belgium recognised the importance of engaging with India as a strategic partner to diversify its trade relationships, it said.
India-Belgium trade stood at $15.07 billion in 2023-2024.