September 17, 2019
JEC Sessions are convened based on a deal signed in 1990 in New Delhi; Belgium-Luxembourg Economic Union (India-BLEU) has boosted bilateral trade and investment since 1997
This biennial event is organized in the capital cities of the three countries alternatively and is the main vehicle for discussing economic and commercial issues between India and BLEU
Bilateral trade between India-Belgium and India-Luxembourg in 2018-19 was US$17.2 billion and US$162 million, respectively, registering a y-o-y growth of 41 per cent and 150 per cent
Cumulative foreign direct investment (FDI) inflows to India from Belgium and Luxembourg over April 2000 to June 2019 were around US$1.9 billion and US$2.8 billion, respectively
The 16th edition of the Joint Economic Commission (JEC) between India and Belgium Luxembourg Economic Union (BLEU) was held in New Delhi on September 17. The event was led by Anup Wadhawan, Commerce Secretary, with Sylvie Lucas, Secretary-General of the Ministry of Foreign and European Affairs of Luxembourg. Meanwhile, the delegation from Belgium was led by Anick Van Calster, Director General for Bilateral Affairs, Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation. The session was also attended by officials of the Department of Commerce and Promotion of Industry & Industrial Trade, Ministry of AYUSH, New & Renewable Energy, External Affairs, Information and Broadcasting and Railways.
On the occasion, India and BLEU reiterated the importance of the JEC towards the development of bilateral economic and trade relations through dialogue and enhancing cooperation on a wide range of issues of mutual interest like transportation and logistics, renewable energy, aerospace and satellites, agro and food processing industry, life sciences, ICT, traditional medicine, Ayurveda and yoga, and tourism. The India and BLEU sides resolved that dynamic nature of commercial exchanges seen in the last few years has reflected in the increasing number of companies interested in establishing and gaining access to respective markets, and signing of agreements among the three countries for cooperation in multiple fields of mutual interest.
JEC Sessions are convened based on an agreement signed in 1990 in New Delhi. This biennial event is organized in the capital cities of the three countries alternatively and is the main vehicle for discussing economic and commercial issues between India and BLEU. Bilateral trade between India-Belgium and India-Luxembourg in the year 2018-19 was US$17.2 billion and US$162 million, respectively, registering year-on-year growth of 41 per cent and 150 per cent. Meanwhile, cumulative FDI inflows to India from Belgium and Luxembourg over April 2000 to June 2019 were around US$1.9 billion and US$2.8 billion, respectively. Economic exchanges between India and BLEU offer ample opportunities for further intensification and diversification.
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. There are 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 a base in Belgium to cater to the Belgian and European markets. The leading exports from Belgium to India are in the sectors of gem and jewellery (rough diamonds) chemical and chemical products and machinery and mechanical products. The major exports from India to Belgium are in the sectors of gem and jewellery (finished products), base metals and articles and chemicals and chemical products.