New Delhi: India and Luxembourg on Tuesday emphasized on early conclusion of a comprehensive, balanced and mutually beneficial India -EU FTA ( Free Trade Agreement). Both the sides held the 2nd round of Foreign Office Consultations (FoC) in New Delhi. It was co-chaired by Pavan Kapoor, Secretary (West), Ministry of External Affairs, and Jean Olinger, Secretary General, Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade of Luxembourg.
The Consultations were institutionalized as an outcome of the bilateral Summit between the Prime Ministers of India and Luxembourg in November 2020. During the FoC, the entire gamut of bilateral relations were discussed, including ways to further expand economic links and deepen cooperation in areas of finance, steel, space, ICT, innovation, start-ups, manufacturing, automotives, health, sustainable development, renewable energy, and the fight against climate change.
They expressed happiness at the growing financial sector collaboration between the two countries. In this context, they welcomed the signing of the MoU between International Financial Services Centres Authority (IFSCA) and Commission de Surveillance du Secteur Financier (CSSF) and commencement of discussion on establishment of the India-Luxembourg Financial Corridor in view of further strengthening bilateral relations in the financial sector.
Both sides noted with satisfaction that the manufacturing unit of Luxembourg-based B-Medical Systems, set up in Mundra, Gujarat in 2021, commenced its operations in 2022. It is B-Medical’s first manufacturing unit outside Luxembourg. They also welcome the establishment and expansion of B-Medical Systems’ R&D divisions in India.
The two sides also discussed regional and multinational issues of mutual interest. They noted with satisfaction the growing cooperation to further strengthen India-EU bilateral cooperation, which has deepened and diversified over the years with a focus on key areas like digital and green transitions, emerging technologies, and economic security apart from our traditional areas of cooperation.
They emphasized on early conclusion of a comprehensive, balanced and mutually beneficial India -EU FTA. Both sides stressed the importance of strengthening cultural and people-to-people exchanges. In this context, they emphasized the need for early conclusion of an India-Benelux Migration and Mobility Partnership Agreement.
The FoC were preceded by the 18th meeting of the Joint Economic Commission of India and BLEU (Belgium Luxembourg Economic Union) held on 09 April, 2024, co-chaired by Secretary General, Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade of Luxembourg, President of the Board of the Belgian Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation and Commerce Secretary, Government of India.
