The talks during the second round of the India-Luxembourg Foreign Office Consultations (FoC) were focused on bilateral relations, with a particular emphasis on the timely completion of an all-encompassing, fair, and mutually advantageous free trade agreement between the EU and India. The meeting took place in New Delhi on Tuesday.

According to an official press release from the Ministry of External Affairs, during the consultations, the two sides not only expressed satisfaction with the growing financial sector collaboration between the two countries, but they also talked about ways to deepen cooperation and strengthen economic ties in the areas of finance, steel, space, ICT (information and communications technology), innovation, start-ups, manufacturing, automobiles, health, sustainable development, renewable energy, and the fight against climate change.

Pavan Kapoor, Secretary (West), Ministry of External Affairs, co-chaired the FoC from the

Following the bilateral meeting in November 2020 between the prime ministers of Luxembourg and India, the conversations were formalised.

“Both parties expressed satisfaction with the two nations’ strengthening banking sector cooperation. In order to further strengthen bilateral ties in the financial sector, they welcomed the signing of the Memorandum of Understanding (MoU) between the Commission de Surveillance du Secteur Financier (CSSF) and the International Financial Services Centres Authority (IFSCA) as well as the start of talks on the creation of the India-Luxembourg Financial Corridor, according to the MEA release.

The Luxembourg-based B-Medical Systems manufacturing plant, which was established in Mundra, Gujarat in 2021, began operations in 2022, as both parties remarked with satisfaction.

This is B-Medical’s first production facility located outside of Luxembourg. They also greeted the

“Mutual interest regional and global concerns were also discussed by the two parties. With an emphasis on important areas like digital and green transitions, emerging technologies, and economic security, in addition to our traditional areas of cooperation, they noted with satisfaction the growing cooperation to further strengthen India-EU bilateral cooperation. The MEA stated, “They emphasised the early conclusion of an all-encompassing, equitable, and mutually beneficial India-EU FTA.”

The significance of enhancing cross-cultural and interpersonal interactions was emphasised by both parties. The announcement further stated that they stressed the urgency of concluding an India-Benelux Migration and Mobility Partnership Agreement as soon as possible.

The FoC was preceded by the 18th meeting of the Belgium Luxembourg Economic Union (BLEU) and the Joint Economic Commission of India. The meeting took place on April 9, 2024, and was co-chaired by the Secretary General of Luxembourg’s Ministry of Foreign and European Affairs, as well as the President of the Board of the Belgian Federal Public Service Foreign Affairs, Foreign Trade, and Development Cooperation, and the Secretary of Commerce for India.

The discussions took place in a relaxed and pleasant setting.

It was decided that the following round of talks would take place in Luxembourg at a time that works for both parties.