Sweden and India have announced a strategic partnership to double their economic exchanges in the next five years.

Sweden and India concluded a strategic partnership on Sunday, aiming to double bilateral economic exchanges in the next five years, said Swedish Prime Minister Ulf Kristersson during a visit by Indian Prime Minister Narendra Modi. This initiative aligns with the free trade agreement signed between the European Union and India in January. Annual trade between the two countries amounts to 7.75 billion dollars. Prime Minister Modi highlighted the priorities of the partnership, including the green transition, defense, and emerging technologies.

Additionally, the space agencies of Sweden and India signed a memorandum of understanding for collaboration on the Venus Orbiter mission. European Commission President Ursula von der Leyen announced that the EU-India agreement will be signed by the end of the year, emphasizing the importance of an investment agreement to strengthen economic cooperation. Narendra Modi will continue his tour in Norway and Italy, where he will meet with European leaders.