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An early conclusion of a comprehensive, balanced, and mutually beneficial India-EU Free Trade Agreement (FTA) was emphasized as a priority
New Delhi hosted the 2nd India-Luxembourg Foreign Office Consultations (FoC) on Tuesday (April 9, 2024) to discuss steps to further strengthen the diplomatic and economic ties between the two nations.
The Consultations were institutionalized as an outcome of the bilateral Summit between the Prime Ministers of India and Luxembourg in November 2020.
Co-chaired by Shri Pavan Kapoor, Secretary (West) of the Ministry of External Affairs of India, and Mr. Jean Olinger, Secretary General of Luxembourg's Ministry of Foreign and European Affairs, Defense, Development Cooperation and Foreign Trade, the the FoC provided a comprehensive platform for discussing the entire gamut of bilateral relations.
Comprehensive Bilateral Dialogue
High on the agenda were discussions to enhance economic ties and deepen cooperation across various sectors, including finance, steel, space, information and communications technology (ICT), innovation, start-ups, manufacturing, automotives, health, sustainable development, renewable energy, and climate change mitigation.
Both sides expressed happiness at the growing financial sector collaboration between the two countries.
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 the successful commencement of operations in 2022 by B-Medical Systems, a Luxembourg-based company, at its manufacturing unit in Mundra, Gujarat. This unit is the first of its kind outside Luxembourg. They also welcomed the establishment and expansion of B-Medical Systems’ R&D divisions in India.
Strengthening India-EU Bilateral Cooperation
Discussions also ventured into regional and multinational arenas of mutual interest. Both parties expressed satisfaction over the increasing cooperation aimed at bolstering India-EU bilateral ties.
The focus areas of this cooperation include digital and green transitions, emerging technologies, and economic security, building upon the foundation of traditional areas of collaboration. An early conclusion of a comprehensive, balanced, and mutually beneficial India-EU Free Trade Agreement (FTA) was emphasized as a priority.
The importance of cultural and people-to-people exchanges was underscored during the consultations, with both sides advocating for the swift conclusion of an India-Benelux Migration and Mobility Partnership Agreement. This initiative is seen as a vital step in strengthening interpersonal and cultural ties between India and the Benelux countries.
Preceding Economic Discussions
The FoC were preceded by the 18th meeting of the Joint Economic Commission of India and BLEU (Belgium Luxembourg Economic Union) held on the same day. This meeting, co-chaired by the senior officials from Luxembourg, Belgium, and India, focused on economic cooperation and bilateral trade promotion, setting a conducive tone for the FoC.
The consultations were characterized by a friendly and constructive atmosphere, reflecting the strong, warm, and friendly relations between India and Luxembourg, which have been established since 1947. Both parties agreed to hold the next round of consultations in Luxembourg at a mutually convenient date, anticipating further progress in their bilateral relationship.
The Consultations were institutionalized as an outcome of the bilateral Summit between the Prime Ministers of India and Luxembourg in November 2020.
Co-chaired by Shri Pavan Kapoor, Secretary (West) of the Ministry of External Affairs of India, and Mr. Jean Olinger, Secretary General of Luxembourg's Ministry of Foreign and European Affairs, Defense, Development Cooperation and Foreign Trade, the the FoC provided a comprehensive platform for discussing the entire gamut of bilateral relations.
Comprehensive Bilateral Dialogue
High on the agenda were discussions to enhance economic ties and deepen cooperation across various sectors, including finance, steel, space, information and communications technology (ICT), innovation, start-ups, manufacturing, automotives, health, sustainable development, renewable energy, and climate change mitigation.
Both sides expressed happiness at the growing financial sector collaboration between the two countries.
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 the successful commencement of operations in 2022 by B-Medical Systems, a Luxembourg-based company, at its manufacturing unit in Mundra, Gujarat. This unit is the first of its kind outside Luxembourg. They also welcomed the establishment and expansion of B-Medical Systems’ R&D divisions in India.
Strengthening India-EU Bilateral Cooperation
Discussions also ventured into regional and multinational arenas of mutual interest. Both parties expressed satisfaction over the increasing cooperation aimed at bolstering India-EU bilateral ties.
The focus areas of this cooperation include digital and green transitions, emerging technologies, and economic security, building upon the foundation of traditional areas of collaboration. An early conclusion of a comprehensive, balanced, and mutually beneficial India-EU Free Trade Agreement (FTA) was emphasized as a priority.
The importance of cultural and people-to-people exchanges was underscored during the consultations, with both sides advocating for the swift conclusion of an India-Benelux Migration and Mobility Partnership Agreement. This initiative is seen as a vital step in strengthening interpersonal and cultural ties between India and the Benelux countries.
Preceding Economic Discussions
The FoC were preceded by the 18th meeting of the Joint Economic Commission of India and BLEU (Belgium Luxembourg Economic Union) held on the same day. This meeting, co-chaired by the senior officials from Luxembourg, Belgium, and India, focused on economic cooperation and bilateral trade promotion, setting a conducive tone for the FoC.
The consultations were characterized by a friendly and constructive atmosphere, reflecting the strong, warm, and friendly relations between India and Luxembourg, which have been established since 1947. Both parties agreed to hold the next round of consultations in Luxembourg at a mutually convenient date, anticipating further progress in their bilateral relationship.
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