New Delhi [India], September 4 (ANI): Belgian Prime Minister Bart De Wever’s visit to India offers an opportunity to deepen and diversify bilateral trade beyond traditional sectors, with pharmaceuticals, chemicals, engineering, automotive components and advanced manufacturing emerging as areas for stronger value-chain partnerships, according to a report by Rubix Data Sciences.
The three-day visit from September 2-4, the first by a Belgian Prime Minister to India in two decades, seeks to strengthen bilateral ties and expand cooperation across trade, investment, technology, defence, connectivity and logistics, the report said.
The report added the two countries are likely to focus on greater diversification and value-chain integration to reverse the recent contraction in bilateral goods trade.
“The India–Belgium trade relationship needs to enter a phase where greater diversification and value-chain integration could help reverse the recent contraction in bilateral trade,” the report said.
Bilateral goods trade declined from USD 20 billion in FY2022 to USD 12.9 billion in FY2025, before marginally recovering to USD 13 billion in FY2026, an increase of 0.8 per cent year-on-year.
India’s exports to Belgium fell from USD 10.1 billion in FY2022 to USD 6.3 billion in FY2025, but recovered 4.4 per cent to USD 6.6 billion in FY2026. Imports from Belgium declined from USD 10 billion to USD 6.4 billion over the same period.
Rubix said diamonds remain the largest product traded between the two countries, accounting for 22 per cent of India’s exports to Belgium and 29 per cent of imports in FY2026. However, their shares have declined from 26 per cent and 58 per cent, respectively, in FY2022.
The report said the two-way movement of diamonds reflects the complementary roles of Belgium and India in the global diamond value chain, but also points to scope for expanding trade in other sectors.
Pharmaceuticals are another area of two-way trade, accounting for 5 per cent of India’s exports to Belgium and 2 per cent of imports in FY2026. Rubix said the pharmaceutical strengths of both countries create scope for continued trade and deeper value-chain linkages.
It also identified opportunities in chemicals, marine products, iron and steel, engineering goods, medical devices, industrial equipment, automotive components, food and beverages, and aluminium and metals.
The report noted that Belgium is an important European hub for pharmaceuticals, chemicals, machinery, transport equipment and maritime logistics, while India has strengths in pharmaceuticals, diamonds, marine products, engineering goods, chemicals and automotive components.
The India-Belgium joint statement issued during De Wever’s visit said the two sides were committed to deepening trade, investment and economic cooperation, with a view to doubling bilateral trade in the next five years. It also welcomed the launch of an India-Belgium Investment Fast-Track Mechanism to facilitate investments and address bottlenecks. (ANI)
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