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India Belgium Trade

India Belgium Trade Agreement

Last updated: Mar, 2024

Introduction

Belgium was among the first European countries to establish diplomatic relations with independent India in September 1947. Since the establishment of diplomatic relations, several high-level bilateral visits have taken place between the two nations which have served as a catalyst to further enhance the already cordial ties. Our close bilateral relationship is based on shared commonalities and commitment to the rule of law, federalism, and pluralism. Belgium supports India’s aspiration for permanent membership of the UNSC.

India-Belgium Trade

  • India is Belgium’s 13th largest export destination and India is the 16th largest importer to Belgium. India is Belgium’s seventh-largest export destination outside the EU and the sixth largest trade partner outside the EU.
  • India is the second-largest importer of Belgian products and the fifth-largest exporter of Belgian products.
  • Trade in diamonds dominates the bilateral trade between the two countries.
  • 175 Belgian companies are based in India, whereas around 95 Indian companies have their footprint in Belgium. India is among the 10 most important partners of the Port of Antwerp.

Major exported items from India to Belgium with amount & quantity

  • India exported 3,637 commodities to Belgium in FY23.
  • India’s export to Belgium stood at US$ 8.86 billion in FY23 and US$ 10.08 billion in FY22.
  • Major principal commodities exported from India to Belgium include pearls, precious or semi-precious stones (US$ 2.62 billion); followed by iron and steel (US$ 770 million), petroleum products (US$ 719 million), drugs formulations and biologicals (US$ 606 million), organic chemicals (US$ 502 million), etc. in FY23.
  • Major principal commodities exported from India to Belgium include Gems and Jewellery (US$ 1.39 billion); followed by Engineering Goods (US$ 1.004 billion), Petroleum Products (US$ 939 million), Organic and Inorganic Chemicals (US$ 536 million), Drugs and Pharmaceuticals (US$ 375 million), etc. from April-November 2023.
  • Exports to Belgium during April-November 2023 stood at US$ 5.27 billion.

Major imported items by India from Belgium with amount & quantity

  • India imported 3,711 commodities from Belgium in FY23.
  • India’s imports from Belgium stood at US$ 9.17 billion in FY23 and US$ 9.95 in FY22.
  • Major principal commodities imported by India from Belgium include pearls, precious or semi-precious stones (US$ 4.70 billion), plastic raw materials (US$ 429 million), machinery for dairy (US$ 383 million), residual chemical and allied products (US$ 304 million), iron and steel (US$ 302 million), etc. in FY23.
  • Major principal commodities imported by India from Belgium include pearls, precious or semi-precious stones (US$ 1.83 billion), Nuclear Reactors and other parts (US$ 738 million), plastic raw materials (US$ 299 million), organic chemicals (US$ 248 million), iron and steel (US$ 194 million), etc. from April-November 2023.
  • Imports from Belgium during April-November 2023 stood at US$ 4.94 billion.

Economic Relations and Investments

  • Belgium is a valued investor in India. Belgium is the 20th largest investor in India. FDI flows from Belgium to India from April 2000-September 2023 stood at $ 2.848 Billion. Currently, the bilateral trade between the two nations comprises diamonds, pharmaceuticals, chemicals, foodstuffs, and machinery. The trade volume reflects the close economic partnership between the two countries.
  • Almost all major Belgian companies operate in India, conversely, there are as many as 95 Indian companies operating in Belgium as well, including big names from diverse sectors. High-skilled professionals from India form the single largest non-European diaspora in Belgium and they are productively contributing to Belgium’s economic development.
  • The India-Belgium Luxembourg Economic Union (BLEU) serves as a powerful instrument to deepen trade and economic ties between the two countries.
  • India has signed a deal with Belgium-based IMEC to get chip-making technology: Belgium-based semiconductor research organization, IMEC (Interuniversity Micro Electronics Centre) has agreed to provide technical support to create a semiconductor ecosystem in India.

Recent Trends & developments

  • India and Belgium have had a cultural agreement in place since 1973. An MoU was signed between ICCR and BOZAR (Center for Fine Arts – Brussels) for cooperation in the field of culture on February 4, 2021.
  • In June 2023, India and Belgium signed a Mutual Legal Assistance Treaty allowing Belgian authorities to execute search warrants issued by Indian courts and summon suspects.
  • An MoU was signed between Uttar Pradesh’s team visiting Belgium and Gemini Corporation, Antwerp for setting up a 300-tonne-per-day plastic recycling plant in Varanasi.
  • India and Belgium are set to renew their Memorandum of Understanding (MOU) in the field of renewable energy and expand their trade partnerships.
  • Belgium’s support to India on the Nuclear Suppliers Group issue would play a pivotal in history as one of the most important milestones in India-Belgium bilateral relations.
  • The Union Minister of External Affairs Dr. S. Jaishankar, along with Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal and Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Mr. Rajeev Chandrasekhar called on Prime Minister of Belgium, Mr. Alexander De Croo on 15 May 2023 on the sidelines of the first Ministerial meeting of the India – EU Trade and Technology Council (TTC) held in Brussels.

Conclusion

The two countries have formed an axis of cooperation over the decades. India and Belgium have long enjoyed a stable and prosperous all-round relationship. They share a dynamic and multifaceted relationship and are now exploring new horizons. The relationship between India and Belgium can be characterized as the relationship between two countries with shared values of democracy and freedom.

Contacts

  • Embassy of Belgium, India
    Address: 50-N, Shantipath, Chanakyapuri, New Delhi, Delhi 110021
    Phone: 011 4242 8000
    Email: newdelhi@diplobel.fed.be    

       Officials
    H.E. Mr. Didier VANDERHASSELT - Ambassador
    Mr Steven DE WILDE - Deputy Head of Mission
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