India and Sweden: Old friends in new times

Source: The post is based on the article “India and Sweden: Old friends in new times” published in The Indian Express on 11^th March 2023.

Syllabus: GS 2 – International Relations

Relevance: India-Sweden bilateral relations

News: There have been 75 years to bilateral relation between India and Sweden. The article discusses the bilateral relations between the two nations.

How has been the bilateral relations between India and Sweden?

Manufacturing: Sweden and India have both identified industry and manufacturing as the key to building long-term economic growth. The extensive bilateral manufacturing exchange between Sweden and India has allowed the two countries to benefit from each other.

Swedish companies like Ericsson, SKF, Alfa Laval, and Volvo have been ambassadors of Sweden in India for innovation, sustainable manufacturing, skill development, and social inclusion.

Clean Energy: There have been many Swedish innovations in India to enable decarbonisation. There is further need to work toward socially and environmentally sustainable practices throughout the entire supply chain.

Further, Bilaterally, both the nations prioritise digitalisation, the green transition, and the industry of the future.

Multilaterally, both nations co-chairs the Leadership Group for Industry Transition and also through their respective presidencies in the European Union and the G20, they lead the way towards achieving sustainable goals.

Trade: The year 2022 saw record bilateral trade between the two nations.

What lies ahead for the bilateral relations between India and Sweden?

Sweden is one of the strongest proponents for a Free Trade Agreement between the European Union and India. An FTA would be a game changer for both the economies.

Further, Sweden is also committed towards deepening and expanding the partnership by capitalising on the collaboration in innovation, green transition, energy, health, industry policy and more.

Hence, both nations should work together on improving ties and collaborating on strategic issues and leading the development.