India and Sweden sign strategic partnership agreement

Sweden and India on Sunday announced a strategic partnership agreement aimed at doubling their trade and investment over the next five years as Swedish Prime Minister Ulf Kristersson met Narendra Modi.

The new agreement comes on the back of the free trade agreement that India and the European Union signed in January, Kristersson said, at a news conference attended by Modi and EU chief Ursula von der Leyen.

“We have a shared ambition to double our bilateral trade and investment within five years at the current rate,” he said.

“I actually believe it can become a reality even sooner.”

Annual trade between the two countries is currently $7.75 billion.

“Under this partnership, we will move forward on key pillars like green transition, defence, emerging technologies and people-to-people connectivity,” Modi said, speaking through a translator.

The two countries also want to develop ties in the fields of security, technology, artificial intelligence and space technology.

The two countries’ space agencies signed a memorandum of understanding to work together on an instrument that will be part of the Venus Orbiter mission, Kristersson said.

Von der Leyen said an EU-India deal would be signed by the end of the year at a major business event for European and EU companies.

“But trade is only half the equation,” she added. “Our next step should be to reach an investment agreement.

“And that is the missing piece of the puzzle in our enhanced economic cooperation, especially in a world where supply chains are reshaping and economic security challenges us like never before.

“Deepening our investment ties will help us de-risk and diversify,” von der Leyen said.

Modi’s European tour continues with a visit to Norway on Monday and Tuesday, which will include a summit with the Nordic countries.

The final leg of his tour will be a visit to Italy, where Modi will meet Prime Minister Giorgia Meloni.

(cz)