Belgian Port Can Be Key To Indian Exports: De Wever, Pg9

Key Highlights:

• Belgian Prime Minister Bart De Wever visited Mumbai to promote the Port of Antwerp-Bruges as a key logistics link for Indian exports to Europe.
• He advocated for the India-EU Free Trade Agreement (FTA), which aims to eliminate or reduce tariffs on over 95% of goods.
• Bilateral trade between India and Belgium was approximately $13.08 billion in 2025-26.
• Union Minister Piyush Goyal invited Belgian companies to invest in India, highlighting Maharashtra as an attractive destination.
• Maharashtra Chief Minister Devendra Fadnavis expressed the state's ambition to achieve a $1-trillion economy by 2030 with Belgium's partnership.
• Both nations discussed deepening cooperation in the diamond sector, including lab-grown diamonds and technology.

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Detailed Insights:

• The India-EU FTA is expected to strengthen trade, create business opportunities, and enhance economic resilience for both economies.
• Key sectors identified for collaboration include diamonds, pharmaceuticals, food processing, maritime services, green hydrogen, and infrastructure.
• The FTA, under discussion for approximately 25 years, would connect a market representing two billion people.
• This combined market accounts for about a quarter of global GDP and a third of world trade.
• India-Belgium gems and jewellery trade stood at around $3.5 billion in 2025-26, as per the Gem & Jewellery Export Promotion Council.
• Cooperation in the diamond sector would focus on design, co-creation, technology, and certification, centered around Antwerp, Mumbai, and Surat.

Key Concepts Involved:

• Free Trade Agreement (FTA): A pact between two or more countries to reduce or eliminate barriers to imports and exports among them.
• Port of Antwerp-Bruges: A major European seaport in Belgium, formed by the merger of the ports of Antwerp and Zeebrugge.
• Bilateral Trade: The exchange of goods and services between two countries.
• Green Hydrogen: Hydrogen produced by electrolysis of water using renewable energy, considered a clean and sustainable fuel.