INDIA AND SWEDEN DIALOGUE

Recently, India and Sweden hosted the Industry Transition Dialogue in Stockholm, as a part of their joint initiative i.e. Leadership for Industry Transition (LeadIT).
This high level dialogue has contributed to the UN Conference ‘Stockholm+50’ and set the agenda for COP27 (Climate Change).

LeadIT

The LeadIT initiative lays specific focus on hard to abate sectors that are key stakeholders in the global climate action and require specific interventions.
It gathers countries and companies that are committed to action to achieve the Paris Agreement.
It was launched by the governments of Sweden and India at the UN Climate Action Summit in 2019 and is supported by the World Economic Forum.
LeadIT members subscribe to the notion that energy-intensive industry can and must progress on low-carbon pathways, aiming to achieve net-zero carbon emissionsby 2050.
The total membership of LeadIT is 37 including countries and companies together.
Japan and South Africa, the latest members of the initiative.

Highlights of India – Sweden Relations

Diplomatic relations were established in 1948 and steadily strengthened over the decades.
The first India-Nordic Summit (India, Sweden, Norway, Finland, Iceland and Denmark) took place in the year 2018 in Sweden.
Sweden also participated in the First India Nordic Baltic (including Estonia, Latvia and Lithuania) Conclave co-chaired by India in November 2020.
In May 2022, the Prime Minister of India held a series of bilateral meetingswith his counterparts from Denmark, Norway, Sweden, Iceland and Finland.

Multilateral Engagement:

In the 1980s India and Sweden worked together on nuclear disarmament issues within the framework of the ‘Six Nation Peace Summit’ (that also included Argentina, Greece, Mexico and Tanzania).
At the UN General Assembly, India and Sweden present an annual Joint Statement on Humanitarian Affairs.
In 2013, during the Swedish Presidency, India joined the Arctic Council as an Observer at the Kiruna Ministerial Meeting.

Economic and Commercial relations:

India is Sweden’s third-largest trade partner after China and Japan in Asia.
Trade in goods and services has increased from USD 3 billion (2016) to USD 4.5 billion (2019).
It highlights collaboration on space research, technology, innovation, and applications.

Way Forward

Being a member of the European Union, Sweden can play an important role in India’s partnership with the EU and EU countries.
Strategic engagements, bilateral trade and investment scenarios are expected to embolden shared economic progress under mutually beneficial nomenclature.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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