Why indian Pm Modi's Visit To Sweden Is Crucial For The Global Economy

Why Prime Minister Narendra Modi's visit to Sweden is important for the global economy

Why indian Pm Modi's Visit To Sweden Is Crucial For The Global Economy
Why indian Pm Modi's Visit To Sweden Is Crucial For The Global Economy

Stockholm / New Delhi
Prime Minister Narendra Modi has reached his important visit to Stockholm, where he will meet the Prime Ministers of Denmark, Finland, Iceland, Norway and Sweden before the first Indo-Nordic Summit. Smart Cities, renewable energy, trade, development, global security, investment and climate change will be an important issue in this summit. According to sources, PM Modi is particularly keen to build closer ties with the Nordic countries and it is also expected to have some important results.

Prime Minister Narendra Modi arrived at Stockholm's Arlanda Airport with his business delegation late last night. Here he is welcomed by Swedish Prime Minister Stefan Laufwen. This first joint meeting is taking place at an important time when the European Union is still engaged in trying to find the method, which will give him a permanent discount from the US tariff on steel and aluminum.

Steps to move towards free trade

The head of the Nordic countries' governments, who are already troubled by US President Donald Trump's protectionist policies, are likely to highlight the benefits of free trade during the summit. Regarding free trade, however, Modi is giving a contradictory message. In January, Prime Minister Modi had announced in the World Economic Forum that India was open for business, but after a month, taking the import duty to the highest level in three decades, he took a U-turn from his announcement.

The Nordic countries, which insist on export, are being cautious of the big economies of the world who have adopted the attitude of protectionism. Denmark's Foreign Minister Anders Samuelson said in an interview before Tuesday's summit, "We want to move forward in the opposite direction of the US and want to present a positive example of free trade."

More business with India

By promising India instead of compromising with the EU, this summit also has a great opportunity for Nordic countries to do business with India's largest democracy, India. Nordic countries have a population of about 27 million, which has a smaller economy than Canada. The agreement for free trade with the EU has been going on for years, but its results have been very low.

According to Heinrich Espengren, Swedish researcher of the International Institute of International Affairs, "Nordic governments have realized that India can play an important role in comparison to China in the coming years." Tilt towards India's $ 23 trillion economy is obvious. For example, India has laid deadlines for July to get a deal to build 110 aircraft. In such a situation, Sweden also has the chance to showcase its Gripen fighter jets.

Saab has been supplying the Indian Armed Forces for decades and says that its Grip Jet is in line with the needs of India. The company had also proposed to set up aerospace ecosystem to make jets in the country under Modi's make in India plan.

However, partnership with India will not be so easy for these countries. Even if foreign investment will bring jobs in India, the BJP government will avoid signing such trade agreements, due to which there is a flood of foreign goods in India.

The Swedish Prime Minister is also very excited about the agreements with India. Stefan told Bloomberg, 'Of course this would be fantastic.' However, he also said that he will discuss this with PM Modi. Kunal Singla, head of the Danish Institution lobby says that Denmark is willing to sell its windmills and food processing machinery to India.

The Danish Foreign Minister said, "Countries like Sweden or Denmark want to increase trade with India. These countries hope that India's interest in this region has also increased.

Security agreement

India and Sweden will also make several bilateral agreements, including general security agreement. Under this, Sweden will have to share sensitive technologies with India after any agreement. This is the second time when all 5 Nordic countries are summiting with one country. Before this, only such a meeting was held with the US during Barack Obama's tenure.

This is also the first time for India when Summit is being held with Denmark after Purulia arms scandal. Only after this incident did the relations between the two countries become tense?

After Stockholm, Prime Minister Narendra Modi will go to London to attend the Commonwealth Summit, where Britain is also hoping to increase trade. Modi will make bilateral talks with his British counterpart Tarija May. The Foreign Ministry also said on Saturday that while returning PM Modi will meet German Chancellor Angela Merkel on April 20 in Berlin.
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