Context : Prime Minister of India participated in the 2nd India-Nordic Summit on May 04, 2022
- The summit is being hosted by Denmark
- Prime Ministers of Denmark, Iceland, Finland, Sweden and Norway have also participated in the summit.
- The Nordic countries are ready to offer their technologies and expertise to India as it moves towards a green, digital, and innovative future.
- The Nordic countries include the sovereign states of Denmark, Finland, Iceland, Norway and Sweden.
Recent developments in India-Nordic countries’ relations:
- The 2nd Nordic-India Summit (Copenhagen) 2022: Both agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy.
- Trade links: Trade between Norway and India has doubled (to $2 billion) in the last three years and it is likely to become one of India’s largest single foreign investors (around $17.6 billion).
- Investment in renewable energy: Norway’s new Climate Investment Fund has invested almost ₹1,500 crores in India so far.
- Leadership Group for Industry Transition (LeadIT): Launched by Sweden and India at the UN Climate Action Summit in 2019
- It is supported by the WEF, it gathers countries and companies that are committed to action to achieve the Paris Agreement.
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Significance of Nordic Summit for India
- The fact that the Nordic states engage with the US at the summit level highlights India’s unique access.
- India Nordic Summit helps in expanding India’s multifaceted cooperation with the Nordic region.
Way ahead:
- Finalizing a fair, equitable and balanced Free Trade Agreement (FTA).
- Finland, is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.
Conclusion:
- Nordic countries have been pioneering green technologies .
- India can power the green transition such as hydrogen, offshore wind, batteries and carbon capture and storage to stop climate change and boost green growth.
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