In light of recent events, the Prime Ministers of India and the Grand Duchy of Luxembourg took part in the first-ever India-Luxembourg Virtual Summit. This marked a significant event in the friendly relations between the two countries that stretches back over seven decades since 1948.
Key Areas of Focus
The primary areas of focus for the summit included the reinforcement of the India-Luxembourg relationship in a post-Covid-19 world. The sectors targeted for strengthening were financial technology, green financing, space applications, digital innovations and start-ups.
Promotion of Multilateralism
The leaders made resolved to enhance their cooperation in promoting effective multilateralism and dealing with global challenges such as the Covid-19 pandemic, terrorism and climate change.
New Initiatives Launched
During the summit, India welcomed Luxembourg’s decision to join the International Solar Alliance (ISA) and extended an invitation to join the Coalition for Disaster Resilient Infrastructure (CDRI).
Summit Agreements
Several Memoranda of Understanding (MoUs) were signed at the summit between the India International Exchange (India INX) and the Luxembourg Stock Exchange, and between The State Bank of India (SBI) and the Luxembourg Stock Exchange. These MoUs aim to foster cooperation in financial services, industry maintenance of orderly markets in securities, ESG (environmental, social and governance) and green finance in the local market. Another MoU signed between Invest India and Luxinnovation aims to promote mutually beneficial business cooperation.
India-Luxembourg Relations
The longstanding cooperation in the steel sector between the two nations was acknowledged. The leaders urged businesses, including SMEs and start-ups, to identify further opportunities to expand this economic relationship. They also looked forward to the 17th Joint Economic Commission (JEC) between India and the Belgium-Luxembourg Economic Union to review the economic and trade relations.
Finance & Regulatory Agreements
A proposal was made for an agreement between the regulatory authorities Commission de Surveillance du Secteur Financier (CSSF) and the Securities and Exchange Board of India (SEBI), aimed at enhancing bilateral cooperation in the financial sector.
Space and Digital Cooperation
The nations also discussed their ongoing space collaboration, with Luxembourg-based space companies having begun utilising Indian services for launching their satellites into space. Recent examples include the PSLV-C49 mission by the Indian Space Research Organisation, which launched four Luxembourg satellites. Furthermore, both countries are promoting digitalisation through their respective “Digital India” and “Digital Luxembourg” initiatives and planning to explore common grounds between these two initiatives.
Education and Research Collaborations
The Indian National Brain Research Centre, the Luxembourg Institute of Health, and the Luxembourg Centre for Systems Biomedicine have an ongoing collaboration in neurodegenerative diseases research. Notably, Indian institutions like IITs in Bombay, Kanpur, and Madras and the National Law School of India also have connections with the University of Luxembourg, which could be leveraged for further higher education and research collaborations.
Cultural Bonds and Mobility
In 2019, Luxembourg issued a commemorative stamp to mark the 150th Birth Anniversary of Mahatma Gandhi. The two countries are working towards concluding a Migration and Mobility agreement to strengthen their relationship.
EU-India Relations
Luxembourg, as one of the founding members of the EU, has played a crucial role in supporting stronger India-EU ties. These relationships are likely to become even more critical for post-Covid-19 economic recovery.
Multilateral Cooperation
Luxembourg has supported India’s election to a non-permanent seat in the UN Security Council for the 2021-2022 term. India, likewise, supports Luxembourg’s candidatures to the UN Human Rights Council for the 2022-2024 term.
The Way Forward
This landmark virtual summit signifies a new phase in India-Luxembourg bilateral relations. Both nations remain committed to broadening and deepening their relationship and enhancing consultation and coordination in regional and multilateral fora on matters of shared and global interest.
