India's trade with Belgium remains concentrated in diamonds and precious stones. Discuss the need for diversifying it, and the sectors that offer complementarity.

India–Belgium trade reached USD 10.92 bn in 2025-26, and diamonds are the leading item in both exports and imports [1]. Because the trade rests on one volatile commodity, the whole partnership is fragile. The 19th India–BLEU Joint Economic Commission (Luxembourg, October 2026) therefore named new priority sectors [2].

Need for diversification

• Same good crossing twice: India buys rough diamonds mainly through Antwerp and Dubai, then cuts, polishes and re-exports many of them [3]. The headline trade figure therefore overstates how deep the economic ties really are.
• Commodity volatility: India's gem and jewellery exports fell from USD 37.96 bn (2022-23) to USD 32.71 bn (2023-24), and Belgium is a major market [4]. A slump in one sector drags down the whole relationship.
• Captive diaspora trade: Antwerp's diamond trade is "now run mainly by Indians" [3]. This shows little Belgian demand for a wider range of Indian goods.
• Unused EU access: Brussels hosts the EU institutions and the India–EU FTA process [1]. Only a diversified export basket can make full use of that market access.

Sectors offering complementarity

• Logistics and ports: Antwerp is a gateway to Europe. Air connectivity and ports are JEC priorities [2].
• Renewable energy and clean tech: This builds on the India–Belgium Renewable Energy MoU (2015) and its Joint Working Group [1]. Belgian clean technology can help Indian engineering MSMEs meet the EU's CBAM carbon rules, which EEPC India has flagged as a burden [5].
• Healthcare, life sciences and Ayurveda: The JEC listed these as priorities, along with agro and food processing [2]. India's manufacturing scale fits Europe's demand for affordable health and food products.
• Digital, ICT and FinTech: An India–Belgium JWG on ICT already exists [1].
• Aerospace, research and higher education: Belgian firm Amos built the liquid-mirror telescope at ARIES, Nainital. About 1,100 Indian students study in Belgium [1].
• Business momentum: Princess Astrid's 2025 economic mission signed 38 MoUs [1]. This shows Belgian appetite beyond diamonds.

Diamonds will remain the anchor of the relationship, but they cannot be its only pillar. The JEC should turn its sector lists into measurable trade and investment targets and use the India–EU framework to support them. Linking clean-tech cooperation to CBAM compliance would build a resilient, broad-based partnership, in line with SDG 17 (partnerships for the goals).