'Substantial increase in India, Belgium bilateral trade': Krishna

New Delhi - Asserting that India and Belgium share a relationship that has stood the test of time, External Affairs Minister S.M. Krishna on Wednesday said there has been substantial increase in the bilateral trade between the two nations despite the economic slowdown.

In his opening remarks at the joint media interaction with the visiting Deputy Prime Minister and Foreign Minister of Belgium, Didier Reynders, Krishna said the bilateral trade between India and Belgium crossed the 13 billion Euro mark in 2011.

"We have noted that, despite global economic slowdown, there is substantial increase in our bilateral trade, which has now crossed the 13 billion Euro mark in 2011. Belgium has now emerged as the second largest trading partner in goods sector within the European Union. I have mentioned the need to diversify the trade basket to make our commercial cooperation more sustainable and reflective of strengths of our two countries," said Krishna.

"In addition, our interest to collaborate in newer areas, particularly in infrastructure and energy sector, including port development, renewal energy, both solar and wind power, has also been conveyed," he added.

Krishna said that he held useful discussions with Deputy Prime Minister Reynders on the entire gamut of bilateral relations, and also touched on the cooperation in further strengthening the strategic partnership with the European Union.

"Discussions were held in a cordial and friendly atmosphere, which characterizes the warmth of our bilateral relations," he added.

Krishna said both India and Belgium share many common values and have a similarity of worldview as two vibrant democracies.

" Both countries are committed to the rule of law, freedom of the press, protection of human rights, and independence of judiciary. These common values provide a good foundation on which our strong bilateral relations rest," said Krishna.

"Today, we also reviewed our political relations and agreed to maintain the momentum of high level visits, both in the bilateral as well as in the European Union context," he added.

Krishna said Deputy Prime Minister Reynders's visit provided the opportunity to sign a Memorandum of Understanding (MoU) for cooperation in the railway sector.

"Several Indian companies have made substantial investments in Belgium especially in the IT and software sector. Belgium has the potential to emerge as a hub for their European operations. There is also enhanced interest in Belgium in the many new opportunities that are available in India," said Krishna.

"There has been increasing interest in Belgium in different aspects of Indian culture. India will look forward to its participation as the partner country in Europalia-2013. This would be the largest Indian festival in another country in recent times," he added.

Krishna further said that his discussions with Deputy Prime Minister Reynders also covered regional and multilateral issues of mutual interest.