Sweden and India on Sunday announced a strategic partnership agreement aimed at doubling bilateral trade and investment within the next five years, following talks between Swedish Prime Minister Ulf Kristersson and Indian Prime Minister Narendra Modi.
Image: ANI News
The announcement was made at a joint press conference also attended by European Commission President Ursula von der Leyen, amid broader efforts to strengthen EU-India economic cooperation following the free trade agreement signed in January.
Kristersson said both sides had set a target to double current trade and investment levels, which stand at approximately $7.75 billion annually, and expressed confidence that the goal could be achieved earlier than planned.
“We have a joint ambition to double our bilateral trade and investments within five years,” he said.
Prime Minister Modi, speaking through a translator, said the partnership would focus on key areas including green transition, defence cooperation, emerging technologies, and people-to-people exchanges.
Both countries also agreed to expand cooperation in sectors such as artificial intelligence, space technology, and security. Their space agencies signed a memorandum of understanding to collaborate on an instrument for the Venus Orbiter mission.
Von der Leyen said an EU-India trade agreement was expected to be finalised by the end of the year and stressed the need for an accompanying investment agreement to strengthen long-term economic ties.
She said deeper investment cooperation would help diversify supply chains and address global economic security challenges.
Prime Minister Modi’s European tour continues with scheduled visits to Norway and Italy, where he is expected to hold meetings with Nordic leaders and Italian Prime Minister Giorgia Meloni.
