00:00If there is one benefit of the changes, the geopolitical changes in the world,
00:04where we have discovered what you have known already,
00:07that trade can also become a power of coercion,
00:11and dependencies can be turned into leverage,
00:14and trade can be weaponized against you, we've learned this the hard way,
00:17that of course this has pushed us together.
00:19It's not a coincidence that after 20 years of negotiations
00:23between India and the European Union,
00:25now finally we are concluding our free trade agreement.
00:28We have done so also because we are pushed towards each other.
00:32We are democratic blocs in the world.
00:34India is the greatest, the largest democracy of the world,
00:37Europe is also a democracy.
00:38We like the rule of law, we like democracy, we like multilateralism,
00:43we like a rules-based world, we like to trade based on respect and mutual gain.
00:48And the fact that this is becoming rare in the world has pushed us into each other's arms,
00:53and we have to turn our risks into opportunities,
00:58and our threats into strength.
01:00And I believe there is an enormous potential for growth between the European Union and India.
01:05We do 10 billion between Belgium and India,
01:0830% of that being the diamond trade, which is the traditional trade we do
01:12between, of course, the community around Mumbai and Antwerp,
01:16that has been there for many, many decades, and that we cherish.
01:19And if every expat community would be like the Indian community in Belgium,
01:23I would be a very happy prime minister, if you know what I mean.
01:26So we've been very happy with what we've been doing since decades.
01:30Maybe we should have been sooner in broadening the structures of our mutual trade.
01:37Now 70% is non-diamond, but if I look at the possibilities in defense for research and development,
01:43and maybe at the end of the road, co-production, why not bringing technology over here,
01:48having production together, becoming less dependent on nations that we have learned,
01:53are essentially not democratic, are not for a rules-based world,
01:58do not believe in multilateralism, and overnight can turn against you,
02:02or announce tariffs on Monday, revoke them on Tuesday, and put them back in place on Wednesday.
02:06It makes you dizzy.
02:08I prefer a world where you get to know each other, where you respect each other, trust each other,
02:14you make good agreements with each other on a level playing field.
02:18It's very difficult.
02:19It's very hard.
02:20We will still have to negotiate a lot.
02:21But at the end of the day, you start constructing a structural relationship with mutual benefit.
02:28It is evident that we should do it.
02:30It is a shame that you have waited for 20 years to conclude the agreement.
02:34Now you're there, and if we want a peaceful world, I think India and Europe have to become the pole
02:40star
02:40of what is left of multilateralism, and hope that the rest of the world rejoins us in these efforts.
02:49Thank you, Your Excellency.
02:52My second question was something that you already answered in many ways.
02:57It was about the India-Belgium partnership.
03:02Do you think the EU-FTA could serve as a catalyst to broaden and diversify India-Belgium trade relations,
03:10thereby opening new avenues for cooperation?
03:14I think you answered most of that.
03:16I've more or less answered that one already.
03:19Of course, it's a big yes.
03:20And one of my proudest moments will be when Prime Minister Modi comes before the end of this year,
03:26we hope in December, to Brussels.
03:27And I have begged him to accord me a little personal time,
03:31and maybe even visit Antwerp, where we expected him to unveil the statue of Gandhi
03:35that was donated by the Indian community.
03:37But COVID stood in the way of his coming to Antwerp.
03:43If we would receive the Prime Minister in our country to put the signature under the FDA,
03:49concluding this basis, this foundation for what could be a growing cooperation,
03:54growing prosperity on both sides, that would be a very, very joyous moment.
04:00Yes, Your Excellency.
04:01I think most Indian businesses are also waiting for that, that signature to happen.
04:08Back to you.
04:11Thank you, Excellency.
04:14Phenomenal opportunity.
04:15And thanks for really championing the opportunities that the FDA really would open up for us.
04:24While we look forward to it, while we look forward to many more bilateral collaborations
04:30and possibilities in the sectors that you spoke about,
04:33we'll move to a few others from the floor for questions.
04:36And I'll move to Nikhil Swani.
04:39He is, again, from Triveni Turbines and does a lot of business with Europe.
04:45Thank you very much, Andrade.
04:47Your Excellency, thank you very much for your speech.
04:50It's very inspirational and truly does provide a vision for cooperation between our countries,
04:55and especially for business, which requires clarity in that thought.
05:00My question is, at a time when the world seems to be fragmenting, what gives you confidence
05:05that Europe and India can build a durable strategic partnership?
05:09And what would you think are the distinctive strengths that Europe brings?
05:13And why would India choose Europe over other economic blocks as a long-term partner for trade, investment, technology, and
05:21supply chain resilience?
05:23Well, I think the evident answer to all that is because we are in the same boat.
05:28We face the same challenges.
05:31We are confronted with the same power blocks that are going in a certain direction,
05:36a direction that we maybe do not like.
05:38And we do not like to be pushed around.
05:41We do not like dependencies becoming weaponized against us.
05:44You have lived this history.
05:46Your Prime Minister warned Europe about this a long time ago already, but he was ignored.
05:51He wasn't listened to.
05:52We are listening now.
05:54It's a bit late, maybe, in Europe, this awakening, but it is happening.
05:57I can tell you around the table of the European Council, we have finally the right debates.
06:03And we are looking around in the world, seeing who is like us, still believer, in multilateralism,
06:09who can cooperate us with on a basis of respect and not force,
06:12who will not surprise us with terrorism one day, revoke them on the next,
06:16and reinstall them on the following day if we say something they don't like.
06:20With who in the world, with which large economy in the world, can we develop that kind of relationship?
06:27Well, if India is not on the list, on that list, then you have missed something very fundamental.
06:35India is on that list.
06:36It's number one.
06:37You have countries like Japan, Korea also, but India is the largest economy,
06:41the fastest growing economy, a pool of talent, and there is still so much to be done.
06:46Japan is a very mature economy.
06:48They are not waiting for Europeans to develop sectors.
06:50But in India, so much win-win is so evident to be done that if we conclude the rules,
06:56if we make the level playing field, of course, every adaptation in the beginning is difficult.
07:03But if we really open up at the end of the day, it's a mathematical certainty that we will both
07:09win.
07:09And if we win and trust each other, we will become an anchor that maybe can draw the world back
07:15to rules-based cooperation where it's going away from due to, yeah, big economical powerhouses,
07:23I will not name them, China, I will not name them, that are steering in another direction,
07:28a direction that we do not want.
07:30And if we want to become less dependent on that dominating block,
07:35we will only do it by cooperating.
07:37It is self-evident.
07:39It's a truth that is so self-evident that it took us way too long to see it.
07:44Thank you for that strong, optimistic view about how this can really, really work out
07:51and work out positively and in a win-win manner.
07:55Excellency, we also touched upon the small and the mid-sized companies.
07:59They would be a very strong section of our businesses in terms of collaboration and trade.
08:08I would like to bring in someone who has not only led small-scale, created many small and mid-sized
08:15companies,
08:16but made them grow into large companies and traded across the world.
08:20Mr. Shrikan Somani.
08:24There, the mic is there.
08:28Your Excellency, that was sheer brilliance, what you brought to the table today.
08:35And I feel that, you know, 20 years, we say, is a generation.
08:41And it's taken a generation for us to realize that Europe, Belgium,
08:47and all the other countries in Europe and India come closer to an FTA.
08:53And that, and every sector that you enumerated are important, are crucial,
09:01not just for large businesses, but also for smaller businesses who can,
09:05today, the world should look at MSMEs in India as manufacturing partners
09:12and not just trading partners.
09:14So I think this is what we would look at.
09:17We would look at how smaller businesses could meet each other,
09:21the businesses in India, and take it forward by collaborative efforts,
09:27whatever it is.
09:28And in the same, I would like to ask you a question in the same thing,
09:33that given Belgium's strategic location, connectivity,
09:37and strong integration with the European market,
09:42how do you see Belgium strengthening its role as a gateway
09:47for Indian businesses into Europe
09:49and as a platform for deeper India-EU economic engagement?
09:57Let me first and foremost tell you, sir, we are natural friends.
10:01My mother was a small business owner.
10:04And I think small businesses, family-owned businesses, they are crucial.
10:09But corporations, certainly international corporations,
10:12is challenging for them because it brings a lot of rules,
10:15and rules bring red tape.
10:16And if there is one message that I received from many mid-cap companies
10:19in my country when they read in the newspaper,
10:22is going to India, I'm a very accessible man,
10:25many have my phone number, too many, I've noticed,
10:27they send me messages, please, if you go to India,
10:29ask them to explain how I can comply with this
10:32and how I can invest there and what opportunities.
10:34It is complicated.
10:35Market access is complicated.
10:37And if we start working together more closely,
10:39we should be very, very attentive to that,
10:42to also creating opportunities for mid-cap small companies
10:46to profit from the corporation and to scale up and to grow.
10:50That's how the economy really works.
10:52It is the bloodline of the Indian economy
10:54and it's something we, as a smaller country, know very, very, very well.
10:59So I think this is important.
11:00This is why I'm happy that we have installed a fast track for investment
11:03and a help desk for investment in Belgium, Belgium, India.
11:07Companies who are interested in coming to Belgium
11:09can get the necessary accommodations and guidance to do so
11:17and the other way around as well.
11:18This is a very important cooperation.
11:21What can we do as Belgium to reinforce our role as a gateway?
11:26Well, we are in some ways lucky
11:29and our geographical position is, of course, something we have.
11:33And if you look for the purchasing power in Europe,
11:37two-thirds of it is in truck range of Antwerp, of the port of Antwerp.
11:41So that's a given.
11:43If you look at the center of decision-making in Europe, it's Brussels.
11:46Antwerp in Brussels, it's not India.
11:48The country is modest in size, 30 kilometers.
11:52You can do it in a half an hour.
11:54Unless when there's congestion, then it takes you 90 minutes.
11:58But in New Delhi, I've noticed some congestion here as well.
12:01So you know this, you know this.
12:02It's still reasonable.
12:04It's manageable.
12:05So you're in the heart of everything.
12:07If you come to Belgium, we trade with cargo.
12:09Also by air.
12:10We have a very large cargo airport.
12:12We are second to none in pharmaceutical logistics.
12:16Something you're very strong in pharmaceutical,
12:18but the logistics of pharmaceutical is very delicate.
12:21We have the largest warehousing.
12:22We have enormous know-how.
12:24We could invest here, connecting your industry to our industry.
12:27And conquering the European market from Belgium is not a bad idea.
12:31It's a natural given.
12:32And you're all invited to explore it.
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