Jaishankar, Luxembourg deputy PM Bettel discuss trade, investment as India-EU FTA moves forward

New Delhi: The external affairs minister, S Jaishankar, and Luxembourg’s deputy prime minister and foreign minister, Xavier Bettel, on Monday discussed expanding cooperation in trade, investment and financial services, with India also looking to deepen ties in space, digital and green technologies. Jaishankar said economic cooperation remained at the heart of the bilateral relationship and thanked Luxembourg for its strong support for the India-European Union Free Trade Agreement.

The talks took place in New Delhi as Bettel began a three-day official visit to India. Jaishankar said the relationship had developed significantly in recent years and that the two countries had room to expand cooperation, particularly in supply chain resilience and diversification.

India-Luxembourg economic ties in focus

“Trade, investment, financial cooperation, that’s at the heart of it,” Jaishankar said in his opening remarks, while pointing to space, digital technologies and green technologies as areas where the two sides were seeking greater engagement. He also referred to health cooperation developed during the Covid-19 pandemic.

Jaishankar described India-Luxembourg ties as a “very trusted relationship” and said repeated high-level engagements reflected growing confidence between the two countries. He had visited Luxembourg earlier this year, when discussions also covered financial technology, space and artificial intelligence.

A significant part of Jaishankar’s remarks focused on Luxembourg’s support for the India-EU FTA. He thanked Luxembourg for its “very strong support” and said the agreement could open “new horizons” for cooperation once the remaining procedures were completed.

Negotiations on the India-EU FTA concluded on January 27 this year, but the agreement has not yet entered into force. The European Commission says the negotiated text is undergoing legal revision and will become binding only after signature and completion of the internal procedures required by both sides.

Jaishankar linked the agreement to opportunities for strengthening supply chain resilience and diversification with Europe.

The discussions also covered space, digital technologies, green technologies and health cooperation. Jaishankar said the two countries had developed a substantial base of cooperation and could now expand engagement in newer areas.

Bettel described the relationship with India as “trusted and honest” and said both countries had done considerable work to deepen ties. He also referred to India’s role in helping build bridges between countries affected by conflicts, though the economic relationship remained the principal focus of Monday’s talks.

Bettel begins three-day India visit

Bettel is visiting India from Monday to Wednesday and is accompanied by Luxembourg’s economy minister, Lex Delles. After his engagements in New Delhi, he is scheduled to travel to Chennai, where he will visit the IIT Madras Research Park and inaugurate a new SES campus.

The visit follows a series of high-level contacts between the two governments and comes as India and the EU work through the remaining steps required for their free trade agreement to take effect. For India and Luxembourg, the current bilateral focus is on expanding cooperation in finance, investment, technology and more resilient supply chains.