India-Nordic ties entering new golden era with trade agreements: PM Modi

Prime Minister Narendra Modi on Tuesday described India and the Nordic countries as “natural partners” bound by shared democratic values, rule of law and commitment to multilateralism, while calling for deeper cooperation in trade, green technology, innovation and global peace efforts. Addressing the joint press statement after the third India-Nordic Summit in Oslo, PM Modi thanked Norwegian Prime Minister Jonas Gahr Støre for hosting the summit and welcomed leaders from the Nordic nations. The summit brought together leaders from Norway, Sweden, Denmark, Finland and Iceland to discuss ways to strengthen cooperation across strategic sectors. PM Modi said the India-Nordic partnership has witnessed significant progress over the past few years, noting that bilateral trade between India and the Nordic countries has nearly quadrupled over the last decade. He also highlighted that investments from Nordic nations into India have increased by nearly 200 per cent during the same period. He said the growing trade and investment ties have contributed to India’s economic growth while also creating thousands of jobs in Nordic economies. Referring to recent trade agreements, the Prime Minister said India’s Trade and Economic Partnership Agreement (TEPA) with EFTA countries, including Norway and Iceland, and the India-European Union Free Trade Agreement involving Denmark, Finland and Sweden, would usher in a “new golden era” in India-Nordic relations. PM Modi announced that India and the Nordic countries have decided to shape their ties into a Green Technology and Innovation Strategic Partnership. Under the initiative, India plans to collaborate with Iceland in geothermal energy and fisheries, with Norway in the blue economy and Arctic cooperation, and with Nordic nations in maritime and sustainability sectors. The Prime Minister also highlighted opportunities for cooperation in advanced manufacturing, defence, telecom, digital technologies, cyber security and health-tech by combining Nordic expertise with India’s talent and scale. He said research and innovation would remain a key pillar of India-Nordic cooperation, with plans to strengthen linkages between universities, laboratories and start-up ecosystems. The countries will also deepen cooperation in Arctic and polar research, while creating new opportunities in skill development and talent mobility. On global issues, PM Modi said India and the Nordic countries support a rules-based international order and would continue to back efforts aimed at ending conflicts and restoring peace, including in Ukraine and West Asia. He also underlined the need for urgent reforms in multilateral institutions and reiterated a united stand against terrorism.