According to commerce minister Anand Sharma, the proposed India-EU trade agreement presented ample opportunities for the promotion of trade in both goods and services.
Sharma said the two sides were committed to the ambitious pact by early 2012 and there had been 13 rounds of negotiations for the Broad-Based Trade and Investment Agreement between India and the 27-member EU bloc since 2007.
The agreement would lead to increased opportunities for market access in both goods and services for both sides.
Sharma today met Kris Peeters, minister president of the Flemish government, a part of Belgium.
Sharma said Belgium was an important trading partner for India and its second largest trading partner in the EU.
"There exists growing trade and investment between the two countries in the face of the global financial slowdown," an official release quoting Sharma said.
Indo-Belgian trade in 2010-11 stood at $ 14.90 billion and the balance of the trade continued to be in favour of Belgium.