19th Session of the India-Finland Joint Commission concludes

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News:The 19th Session of the India-Finland Joint Commission was held in New Delhi.

Facts:

Key takeaways from the Joint commission:

  • The Agenda for the Joint Commission Session was bilateral trade and investment relations, trade barrier issues, cooperation in the sectors of power, petroleum and gas, new and renewable energy among others.
  • The two countries reiterated the useful role of the Joint Commission as a forum for strengthening economic relations between India and Finland.
  • They also highlighted that 2019 marks the 70th anniversary of India – Finland diplomatic relations.
  • They have also signed a Memorandum of Understanding for strengthening cooperation in the field of Tourism.

Additional information:

India-Finland relations:

  • India and Finland have enjoyed a strong diplomatic and economic relationship.The diplomatic relations between Finland and India was established in 1949.
  • Both India and Finland cooperate on a wide array of issues and as a member of the EU,Finland regards India as a strategic partner for balanced and comprehensive trade relations.
  • The bilateral trade between India and Finland was around $1.28 billion in 2016-17.
  • India’s trade with Finland is heavily in Finland’s favour.In 2016,Finland was India’s 60th largest trade partner globally and the 10th largest within the EU.
  • Finland is also one of the important inbound source market for India.In 2018, around 21,000 Finnish tourists visited India.