The third India-Nordic summit marked a significant milestone as both sides elevated their relationship to a green technology and innovation strategic partnership. An agreement was signed to leverage the India-EU Free Trade Agreement (FTA) and the India-EFTA Trade and Economic Partnership Agreement (TEPA), which envisages $100 billion investment into India and came into effect last year, to enhance trade, technology, and investment linkages.
Key Outcomes of the Summit
Prime Ministers of Nordic countries—Denmark, Sweden, Finland, Iceland, and Norway—held talks with Prime Minister Narendra Modi in Oslo. They concluded six other agreements focusing on climate action, Arctic cooperation, talent mobility, and defence industrial collaboration.
Commitment to Global Order
Prime Minister Modi stated that in this era of global tension and conflict, India and the Nordic countries would continue to advocate for a rules-based global order. He underscored India's "clear and united" position on terrorism, emphasizing that there could be "no compromise and no double standards." On conflicts in Ukraine and West Asia, Modi expressed support for early resolution and peace. Both sides agreed that reform of multilateral institutions was both necessary and urgent.
Support for UNSC Reform
Nordic leaders reiterated their support for India's permanent membership in a reformed and expanded United Nations Security Council.
Defence and Investment Collaboration
According to the Indian government, the defence agreement will tap into investment opportunities, including 100% Foreign Direct Investment (FDI) being offered to Nordic defence firms in Indian defence industrial corridors.
Strategic Partnership Details
Modi announced the elevation of the India-Nordic relationship to a green technology and innovation strategic partnership. He elaborated: "Through this, we will combine Iceland's geothermal and fisheries, Norway's blue economy and Arctic, and the maritime and sustainability expertise of all Nordic countries with India's scale, ensuring a better future for the entire world." Furthermore, he added: "And by forging this unique strategic partnership between us, we will combine Sweden's advanced manufacturing and defence, Finland's telecom and digital technology, and Denmark's cybersecurity and health-tech, with India's talent, to develop trusted solutions for the entire world."
Research and Innovation Ties
The Prime Minister highlighted that an important pillar of the partnership was extensive research and innovation ties. To strengthen this, both sides would enhance linkages between universities, labs, and start-up ecosystems. In a post on X, Modi stated: "India will keep working with the Nordic nations for more trade and investment, sustainable growth, greater innovation, climate action and cooperation in the Arctic."
