SME Times News Bureau | 19 Sep, 2019
Session of the Joint Economic Commission (JEC) between India and Belgium
Luxembourg Economic Union (BLEU) was convened in New Delhi on 17th
was co-chaired by Anup Wadhawan, Commerce Secretary with Ms. Sylvie Lucas,
Secretary General of the Ministry of Foreign and European Affairs of Luxembourg.
BLEU side reiterated the importance of the JEC towards the development of
bilateral economic and trade relations through facilitating dialogue and
enhancing cooperation on a wide range of issues of mutual interest, such as,
transportation and logistics, renewable energy, aerospace and satellites, audio
and visual industry, agro and food processing industry, life sciences, ICT,
traditional medicine, Ayurveda and yoga, and tourism.
and BLEU sides resolved that dynamic nature of commercial exchanges seen in the
last few years is reflected in the increasing number of companies interested in
establishing and gaining access to respective markets, and signing of MoU among
the three Countries for cooperation in multiple fields of mutual interest.
Sessions are convened based on an agreement signed in 1990 in New Delhi. This
biennial event is organized in capital cities of the three countries
alternatively, and is a main vehicle for discussing economic and commercial
issues between India and BLEU.
bilateral trade between India-Belgium and India-Luxembourg in year 2018-19 was
USD 17.2 billion and USD 161.98 million, respectively, registering growth of
41% and 150%, as compared to 2017-18.
FDI inflows to India from Belgium and Luxembourg during April, 2000 to June,
2019 were around USD 1.87 billion and USD 2.84 billion, respectively. While
economic exchanges between India and BLEU remain satisfactory, they
nevertheless still offer ample opportunities for further intensification and
diversification in mutually beneficial areas and their complementarities.
Economic Commission between India and Belgium - Luxembourg Economic Union
(India-BLEU) was established in 1997 and is the main vehicle for discussing
bilateral economic and commercial issues.
The focus of
bilateral relations has been on trade and investment. India is Belgium’s second
largest export destination and fourth largest trade partner outside the
European Union with a significant contribution from the Indian diaspora.
exports from Belgium to India are in the sectors of gem and jewellery (rough
diamonds) chemical and chemical products and machinery and mechanical products.
exports from India to Belgium are in the sectors of gem and jewellery (finished
products), base metals and articles and chemicals and chemical products.
around 160 Belgian companies in India. Several Indian companies particularly in
the IT and software sectors like TCS, Infosys, Tech Mahindra and HCL have
established base in Belgium to cater to the Belgian and European markets.