The second round of India-Luxembourg Foreign Office Consultations (FoC) took place on Tuesday in New Delhi.
The consultations, which were established following a bilateral Summit between the Prime Ministers of India and Luxembourg in November 2020, covered various aspects of the relationship between the two countries. Economic collaboration featured prominently, with talks focusing on expanding ties in sectors such as finance, steel, space, ICT, innovation, start-ups, manufacturing, automotives, health, sustainable development, renewable energy, and climate change mitigation.
A significant highlight was the discussion on the growing cooperation in the financial sector. Both sides welcomed the signing of a Memorandum of Understanding (MoU) between the International Financial Services Centres Authority (IFSCA) and the Commission de Surveillance du Secteur Financier (CSSF). Additionally, discussions commenced on establishing the India-Luxembourg Financial Corridor, aimed at further bolstering bilateral relations in the financial domain.
The meeting also acknowledged the successful operation of the manufacturing unit of Luxembourg-based B-Medical Systems in Mundra, Gujarat, which commenced operations in 2022. This marks B-Medical’s first manufacturing unit outside Luxembourg, demonstrating the expanding economic collaboration between the two countries. Furthermore, the establishment and expansion of B-Medical Systems’ R&D divisions in India were welcomed.
Regional and multinational issues were also on the agenda, with both sides expressing satisfaction at the growing cooperation to strengthen India-EU bilateral ties. Emphasis was placed on concluding a comprehensive, balanced and mutually beneficial India-EU Free Trade Agreement (FTA) at the earliest.
Both sides emphasized the importance of cultural and people-to-people exchanges, stressing the urgency of finalizing an India-Benelux Migration and Mobility Partnership Agreement.
The consultations were preceded by the 18th meeting of the Joint Economic Commission of India and BLEU (Belgium Luxembourg Economic Union).Talks centered on advancing economic cooperation between the participating parties.
It was agreed to convene the next round of consultations in Luxembourg at a mutually convenient date, underscoring the commitment to continued dialogue and cooperation between India and Luxembourg.
