Princess Astrid, the second child of Belgium's King Albert II and Queen Paola, has been leading the European country's first economic mission to Australia in more than a decade.
It comes after trade talks between Australian and the European Union on a free trade agreement stalled earlier this year.
Negotiations broke down after more than a dozen rounds of talks, which reached a sticking point over issues including better market access for Australian agricultural products.
In a speech on Tueday, Belgian Foreign Minister Hadja Lahbib called for transformative action in business to protect human rights and the environment.
"The question how to leverage more responsible business conduct in support of a more sustainable future is more important than ever," he said in the Lowy Institute address.
Late last year the European Commission proposed a directive on corporate sustainability due diligence.
Currently in the final stages of the legislative process, it would require large companies operating in the EU market to identify and address adverse human rights and environmental impacts in their own operations, as well as those of their subsidiaries and their value chains.
Mr Lahbib called on Belgian and Australian business leaders to further their actions in advancing human rights and sustainable development.
"It is only together that states and companies can implement the three pillars of the UN Guiding Principles," he said.
"States have a duty to protect, business a responsibility to respect and there is a need for access to remedy for victims."
The Belgian trade delegation is focusing on tech and innovation, renewable energy and sustainable development.
Ambassador to Australia Michel Goffin said the mission was a chance to enhance the economic relationship between the two nations and the EU more broadly.
Two-way trade between Belgium and Australia was worth $4.6 billion in 2021, which included significant exports of raw materials and imports of pharmaceutical products.
Princess Astrid of Belgium was gifted a portrait by illustrator Jihee Park.
Princess Astrid was earlier gifted a cartoon likeness of herself in front of Sydney's iconic Harbour Bridge during an Australian tour to boost economic relations.
She has been leading the European country's first economic mission to Australia in more than a decade.
Korean-Australian illustrator Jihee Park spent 40 hours creating the artwork, which was presented to the royal during a visit to Flying Bark's Sydney studio on Tuesday.
The princess kicked off her week-long visit on Monday with Governor-General David Hurley at Admiralty House in Kirribilli.
She also visited the Barangaroo metro station, which is being built by a local subsidiary of Belgium-based construction firm Besix.
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