News:The 16th Session of the Joint Economic Commission(JEC) between India and Belgium Luxembourg Economic Union(BLEU) was held in New Delhi.
About the session:
- India and BLEU has reiterated the importance of the Joint Economic Commission(JEC) towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest.
Joint Economic Commission(JEC)
- The Joint Economic Commission between India and Belgium – Luxembourg Economic Union (India-BLEU) was established in 1997.
- It is the main vehicle for discussing economic and commercial issues.
- This biennial event is organized in the capital cities of the three countries alternatively.
- The Belgium-Luxembourg Economic Union(BLEU) is an intergovernmental trade agreement between Luxembourg and Belgium.The treaty was signed in 1921.
- Under the terms of the treaty,the economic frontier was lifted and the Belgian franc and Luxembourg franc were set at a fixed parity establishing a monetary union which was later replaced by Euro.
- A new convention was signed in 2002 between the two nations.
- The terms of the treaty has mostly been taken from the Benelux Union (between Luxembourg, Belgium, and the Netherlands) and the European Union.