First India-Nordic summit to be crucial for global economy

Prime Minister Narendra Modi will be meeting his counterparts from Denmark, Finland, Iceland, Norway and Sweden in Stockholm as a part of the first India-Nordic summit.

Accompanied by a business delegation, PM Modi landed at the Stockholm Arlanda Airport on Monday and was received by his Swedish counterpart Stefan Lofven.

Amidst the European Union attempting to figure out a permanent exemption from US tariffs on foreign steel and aluminium, this meeting is looked as an important juncture for the global economy.

This first-ever joint meeting will hold discussions on climate change, renewables, trade, growth, smart cities, investment and global security.

While the Nordic countries are wary and are likely to highlight the benefits of free trade during the summit since the world’s largest economies are shifting towards more protectionism, PM Modi, on the other hand, has been sending mixed signals.

In January, the Prime Minister declared India was open for business at the World Economic Forum and changed his move within a month by raising import duties to their highest level in three decades.

According to the sources, PM Modi is keen to build closer ties with the Nordic countries - a region of 27 million people with an economy approximately the size of Canada’s and hopes for some significant outcomes.

The Summit is surely being considered a golden opportunity for the Nordics to do business with India, whose preference has been dealing with individual countries rather than the EU as a whole.

With a $2.3 trillion economy, the focus on India is obvious. Countries like Sweden or Denmark are looking to boost trade with India.

Meanwhile, India and Sweden will sign a host of bilateral agreements, including a general security agreement. The two countries are expected to sign an innovation partnership agreement in a bid to focus on a few areas which will get greater attention.

On Tuesday, the PM will meet Sweden’s Lofven and other heads of government separately after which a dinner with all of them together. During the day, he will also call on King of Sweden Carl XVI Gustaf and meet industry captains from both countries seeking cooperation in sectors such as science and technology, trade and investment, smart cities and clean energy.

He will then travel to London to attend the Commonwealth Heads of Government Meeting where he will hold bilateral talks with British PM Theresa May.

Modi would also meet German Chancellor Angela Merkel in Berlin on April 20 after his visits to Sweden and the United Kingdom.