New Delhi, Sept. 3 -- India and Belgium on Thursday agreed to expand defence cooperation by signing a range of pacts, with Prime Minister Narendra Modi and his Belgian counterpart Bart De Wever identifying trade and investment, critical minerals, high technologies, and semiconductors as key drivers to bolster ties in the face of a fragmented global geopolitical environment.
After wide-ranging talks between the two leaders, Modi highlighted India's 7.8 per cent economic growth in the last quarter and framed the country's rise as a source of confidence and new opportunities for the world.
The two countries inked five agreements, including one on boosting defence ties and another on the renewable energy sector, besides setting a target of doubling the volume of annual bilateral trade in the next five years.
At present, the two-way trade stands at USD 13 billion. An Investment Fast-Track Mechanism is being set up to promote Belgian investments in India. A separate Memorandum of Understanding (MoU) was firmed up between the Central Bureau of Investigation (CBI) and the Belgium Federal Police on cooperation in combating transnational organised crime, cybercrime and related matters.
"Today, the world is going through a period of great upheaval. Conflicts continue to persist in many parts of the world. Whether it is food, fuel, or supply chains, every sector is being impacted by uncertainty," Modi said.
"In this challenging environment, India's economy has maintained its momentum. We recorded 7.8 per cent growth in the last quarter. Today, India's growth story is becoming a source of confidence and new opportunities for the world," he added.
The Belgian prime minister described the conclusion of the India-European Union free trade pact as a major milestone and said New Delhi and Brussels are building a relationship that is broad and more strategic than ever before.
De Wever said Belgium wants to take ties with India to "another level -- economically, politically, but also strategically".
"We live in a more fragmented and uncertain world. We talked about this a lot. Prosperity and security increasingly go hand in hand, and our relationship has already deep roots," he said.
While underlining the importance of boosting trade, the two leaders called for timely implementation of the India-European Union free trade agreement to realise the true potential of business and investment collaboration.
The two prime ministers, delving into pressing geo-political issues, called for resolution of the conflicts in Ukraine and West Asia through dialogue and diplomacy, in accordance with the principles of the UN Charter and international law.
On the margins of the Modi-De Wever talks, 10 agreements on collaboration between the Belgian and Indian defence industry were firmed up. Some of the pacts will provide for joint production of military hardware, using Belgian military technology, such as rockets in India.
In line with the deepening defence ties, New Delhi announced the appointment of a resident defence attache at its embassy in Brussels. A decision was also made to soon conclude a migration and mobility agreement.
A joint statement said Modi and De Wever welcomed the steady expansion of bilateral economic ties and the growing diversification of sectors in bilateral trade, and expressed their determination to further strengthen cooperation across key sectors of shared interest.
Published by HT Digital Content Services with permission from Millennium Post.