The joint venture between India and Sweden, which recently led to the hosting of the Industry Transition Dialogue in Stockholm, is drawing attention to efforts towards global climate action. The dialogue was part of the Leadership for Industry Transition (LeadIT) initiative and contributed to the United Nations Conference ‘Stockholm+50’. It also helps set the agenda for COP27 (Climate Change).
The LeadIT Initiative
LeadIT, launched by the governments of India and Sweden during the UN Climate Action Summit in 2019, lays significant emphasis on sectors that are challenging to decarbonize but are pivotal stakeholders in worldwide climate action. The initiative has the backing of the World Economic Forum and comprises countries and businesses pledged to achieving the Paris Agreement’s objectives.
The primary principle of LeadIT is the belief that energy-intensive industries can – and should – advance on low-carbon pathways. The end-objective is to attain net-zero carbon emissions by 2050. Presently, LeadIT boasts a total membership of 37, encompassing both countries and corporations. The latest additions to this initiative are Japan and South Africa.
India-Sweden Relations: An Overview
Political Interactions
Diplomatic ties between India and Sweden were established in 1948, with steady fortification over the years. In 2018, the first India-Nordic Summit, involving India, Sweden, Norway, Finland, Iceland, and Denmark, happened in Sweden. In May 2022, the Indian Prime Minister held bilateral interactions with his equivalents from these nations.
Multilateral Engagement
In the 1980s, India and Sweden collaborated on nuclear disarmament issues within the Six Nation Peace Summit framework. Furthermore, at the UN General Assembly, the two countries annually issue a Joint Statement on Humanitarian Affairs.
Economic and Commercial Relations
India holds the position of being Sweden’s third-largest trade associate in Asia, trailing China and Japan. There has been a substantial increase in trade in goods and services between the two nations, from USD 3 billion in 2016 to USD 4.5 billion in 2019.
Defence and Aerospace Collaboration
The Sweden-India Joint Action Plan of 2018 underscored cooperation in space research, technology, innovation, and applications.
The Way Forward
As an integral member of the European Union, Sweden is likely to play a pivotal role in strengthening India’s partnership with EU countries. The future is anticipated to see strategic alliances, bilateral trade and investment scenarios further bolstering shared economic progress under a mutually beneficial agreement.
