New Delhi: The first-ever meeting between the leaders of India and Luxembourg in 20 years has yielded fruitful results with three new bilateral agreements signed between the two countries.
The three agreements include - Agreement between Luxembourg stock exchange and SBI, Luxembourg stock exchange and the India International Stock Exchange, and agreement between LuxInnovation and Invest India.
Since Luxembourg is a founding member of the European Union (EU), the discussion around the India-EU trade and investment agreement was also initiated.
Addressing the first India-Luxembourg bilateral summit, Prime Minister Narendra Modi and his counterpart Xavier Bettel deliberated on various issues about both countries on Thursday, such as the ensuing coronavirus pandemic, the joint space programmes and the possibilities in business.
"I extend my deepest condolences to the people who died due to Covid-19 in Luxembourg," PM Modi said at the beginning of his address to his Luxembourg counterpart during the virtual summit.
Besides, the meeting focused on the financial sector, fintech, green financing, and space application. They also discussed people to people ties. There was also discussion on deepening the business ties between the two countries, the Ministry of External Affairs Joint Secretary Sandeep Chakravorty said during a virtual press briefing following the India-Luxembourg summit.
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Discussing various other matters, Prime Minister Modi told Bettel that there are a lot of possibilities in bilateral trade deals between the two countries in the areas of steel, financial technology, digital domain.
"I am happy that our space agency recently launched four Luxembourg satellites. We also welcome Luxembourg's decision to join the International Solar Alliance," PM Modi reiterated.
The Indian Space Research Organisation's (ISRO) commercial arm, New Space India Limited (NSIL), launched four satellites for Luxembourg just last week.
According to MEA, the bilateral relationship between the two countries may be further strengthened with an agreement between ISRO and Luxembourg space organisation.
"There is a lot of potential between the two countries when it comes to cooperation in space," MEA said without divulging any further details.
The Summit is significant as it lays a platform for cooperation between both countries in a post-Covid world. India and Luxembourg trace back their diplomatic relations to 1929 and have continued to maintain high-level exchanges even recently.
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The two leaders exchanged views on further strengthening India-EU relations including forwarding movement on India–EU trade agreements and investment agreements.
There was also discussion on multilateral cooperation and achieving effective and reform multilateralism. Global issues like terrorism and climate change were also discussed.
As informed by the Joint Secretary MEA, the sub-commission on India-EU trade has met and there is forward movement. The mechanism will take on the task of starting the negotiations on India-EU trade and investment agreement.
"Two sides shared the commitment for working towards effective and reformed multilateralism. PM Modi also highlighted the challenge the global community faces from terrorism and the need to eradicate it in all its forms and manifestations," the MEA said.
Views were also exchanged on climate change. Therefore, Prime Minister Bettle conveyed the intention of Luxembourg to join the International Solar Alliance.
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During his address, Modi also invited Luxembourg to join the International Solar Alliance — an initiative launched by India between 121 countries with a focus on the utilization of solar power. It is the second-largest grouping of states worldwide after the United Nations.
According to MEA, Bettle indicated that he may take Modi up on the offer.
"Luxembourg is the 15th Foreign Direct Investor in the country compared to its 16th ranking in 2018. Our (India and Luxembourg) historic bilateral ties go back to 1929 when our government opened its first vice-consulate in Bombay. This was followed by the establishment of diplomatic relations between the Republic and the Grand Duchy on 1 July 1948.
"Over the decades, these relations developed from the extensive cooperation in the steel sector, as Luxembourg was among the top steel producers worldwide in the 19th century, into a strong partnership reflective of both countries' political priorities and business interests," Jean Claude Kugener, Ambassador of Luxembourg, recently said, according to reports.
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