New Delhi: The 2nd round of India-Luxembourg Foreign Office Consultations (FoC) took place on Tuesday in New Delhi, with the discussions centring on bilateral relations and emphasis laid on the early conclusion of a comprehensive, balanced and mutually beneficial India-EU Free Trade Agreement.

During the consultations, the two sides not only expressed happiness at the growing financial sector collaboration between the two nations, but also discussed ways to further expand economic links and deepen cooperation in areas of finance, steel, space, ICT (Information and communications technology), innovation, start-ups, manufacturing, automotives, health, sustainable development, renewable energy, and the fight against climate change, the Ministry of External Affairs stated in an official press release.

The FoC were co-chaired by Pavan Kapoor, Secretary (West), Ministry of External Affairs, from the Indian side and Jean Olinger, Secretary General, Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade of Luxembourg.

The consultations were institutionalised as an outcome of the bilateral summit between the prime ministers of India and Luxembourg in November 2020.

"Both sides 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," the MEA release read.

The two 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 welcomed 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 emphasised the early conclusion of a comprehensive, balanced and mutually beneficial India -EU FTA," the MEA said.

Both sides stressed the importance of strengthening cultural and people-to-people exchanges. In this context, they emphasised the need for the early conclusion of an India-Benelux Migration and Mobility Partnership Agreement, the release added.

The FoC were preceded by the 18th meeting of the Joint Economic Commission of India and BLEU (Belgium Luxembourg Economic Union) held on April 9, 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, India.

The talks were held in a friendly and cordial atmosphere.

It was agreed that the next round consultations would be held in Luxembourg at a mutually convenient date.

(With Agency Inputs)