16th Session of the Joint Economic Commission held between India and BLEU
A joint 16th session of Joint Economic Commission between India and Belgium Luxembourg Economic Union (BLEU) held recently. The session was aimed to improve bilateral trade relations between India and Belgium.
This joint session was attended by various officials of External Affairs Ministry, New & Renewable Energy, Information and Broadcasting and railways. The focus of bilateral relations has been paid on trade and investment.
• The importance of Joint Economic Commission between India and BLEU was reiterated.
• India and BLEU agreed on enhancing cooperation in issues of mutual interest, like, renewable energy transportation and logistics, audio and visual industry, agro and food processing industry, aerospace and satellites, ICT, traditional medicine, life sciences and yoga among others.
• It was resolved during the meeting that the dynamic nature of commercial exchanges seen in the last few years.
• Various companies are interested in establishing their businesses in both of the countries for cooperation in multiple fields.
Belgium Luxembourg Economic Union (BLEU)
• This economic union was established in 1921 after a treaty signed between Belgium and Luxembourg.
• According to the provisions of the treaty, a common currency rate for Belgian franc and Luxembourg franc was established. This currency settlement existed until the introduction of the Euro.
• Belgium and Luxembourg signed another convention in the year 2002.
• As per the reports, the Belgium–Luxembourg Economic Union is the world’s 13th biggest export economy.
Joint Economic Commission
Joint Economic Commission (JEC) Sessions were established after an agreement signed in 1990 in New Delhi. JEC sessions take place every other year in capital cities of the three countries alternatively and are the main vehicle for discussing economic and commercial issues between India and BLEU.
Trade between India-Belgium and India-Luxembourg
The bilateral trade between India-Luxembourg was USD 161.98 million in the year 2018-19 and USD 17.2 billion between India-Belgium in 2018-19. According to government data, about 160 Belgian companies are working in India. On the other side, Indian companies like HCL, Infosys, Tech Mahindra and TCS have established a base in Belgium. India and Belgium’s bilateral relations have been focused on trade and investment. India is Belgium’s fourth-largest trade partner outside the European Union and second-largest export destination.