MUMBAI: Mr. Shashi Kiran Shetty, Founder and Chairman of Allcargo Group, has highlighted the importance of trust, international cooperation and stronger economic partnerships in shaping the future of global trade, following his participation in the India–Belgium High-Level Dialogue on the India–European Union Free Trade Agreement (FTA) held recently in Mumbai.
Sharing his reflections in a LinkedIn post, Mr. Shetty said that trust would be central to the next phase of global trade, particularly as businesses navigate geopolitical shifts, changing trade patterns and increasing supply chain complexities.
The high-level dialogue was attended by the Prime Minister of Belgium H.E. Mr. Bart De Wever, Commerce & Industry Minister Hon’ble Shri Piyush Goyal and Maharashtra Chief Minister Hon’ble Shri Devendra Fadnavis, bringing together policymakers and industry representatives to discuss the India–Belgium and broader India–EU economic partnership.
India–EU Trade Partnership: A Growing Economic Opportunity
Emphasising the growing significance of India–EU economic relations, Mr. Shetty noted that bilateral trade between India and the European Union had doubled over the past decade to nearly USD 140 billion.
He highlighted the considerable opportunities that deeper economic integration could unlock across a combined market of approximately 2 billion people, representing around one-quarter of global GDP and one-third of world trade.
According to Mr. Shetty, these figures underscore not only the scale of the potential economic opportunity but also the strategic importance of strengthening trade relations between the two regions.
He observed that closer cooperation between trusted economic partners could help create greater alignment between policymakers and businesses, laying the foundation for enhanced investment, economic growth and more resilient international trade networks.
Complementary Strengths to Drive Growth
Mr. Shetty emphasised that the India–EU partnership is supported by the complementary strengths of both economies.
India’s growth trajectory, manufacturing capabilities and entrepreneurial energy, combined with Europe’s technological expertise, investment capacity and market access, offer significant opportunities for businesses and economies on both sides.
He noted that an ambitious trade agreement could facilitate greater collaboration, encourage investment and innovation, and create new avenues for sustainable economic growth.
Belgium: A Strategic Gateway for Allcargo Group
Highlighting Belgium’s importance to Allcargo Group, Mr. Shetty said the country had played a significant role in the Group’s international journey since its acquisition of ECU Worldwide.
Belgium serves as an important strategic gateway connecting European and international trade flows, providing Allcargo Group with firsthand experience of the opportunities arising from stronger India–Europe connectivity.
He observed that enhanced trade linkages between India and Europe could create new business opportunities, strengthen supply chains and contribute to sustainable economic development.
Building Resilient and Connected Trade Corridors
Expressing optimism about the future of India–EU relations, Mr. Shetty emphasised that sustained dialogue, cooperation and mutual trust would be essential to translating the partnership’s potential into tangible outcomes.
He noted that a comprehensive and ambitious trade agreement could create favourable conditions for deeper economic collaboration, investment, innovation and shared prosperity.
As global businesses continue to adapt to evolving trade dynamics, stronger India–EU relations could play an important role in developing resilient trade corridors and contributing to a more connected and competitive global economy.
Mr. Shetty’s message reinforces the importance of trust and collaboration in building stronger international trade partnerships, with India and Europe well positioned to explore new avenues of economic cooperation.
