Industry Transition Dialogue between India and Sweden | 03 Jun 2022

For Prelims: ‘Stockholm+50’, LeadIT, COP27, UN Climate Action Summit, UNEP

For Mains: India-Sweden Relation, Bilateral Groupings & Agreements, Groupings & Agreements Involving India and/or Affecting India's Interests

Why in News?

Recently, India and Sweden hosted the Industry Transition Dialogue in Stockholm, as a part of their joint initiative i.e. Leadership for Industry Transition (LeadIT).

  • This high level dialogue has contributed to the UN Conference ‘Stockholm+50’ and set the agenda for COP27 (Climate Change).

What is LeadIT?

  • About:
    • The LeadIT initiative lays specific focus on hard to abate sectors that are key stakeholders in the global climate action and require specific interventions.
    • It gathers countries and companies that are committed to action to achieve the Paris Agreement.
    • It was launched by the governments of Sweden and India at the UN Climate Action Summit in 2019 and is supported by the World Economic Forum.
    • LeadIT members subscribe to the notion that energy-intensive industry can and must progress on low-carbon pathways, aiming to achieve net-zero carbon emissions by 2050.
  • Members:
    • The total membership of LeadIT is 37 including countries and companies together.
      • Japan and South Africa, the latest members of the initiative.

What are the Highlights of India - Sweden Relations?

  • Political Relations:
    • Diplomatic relations were established in 1948 and steadily strengthened over the decades.
    • The first India-Nordic Summit (India, Sweden, Norway, Finland, Iceland and Denmark) took place in the year 2018 in Sweden.
    • Sweden also participated in the First India Nordic Baltic (including Estonia, Latvia and Lithuania) Conclave co-chaired by India in November 2020.
    • In May 2022, the Prime Minister of India held a series of bilateral meetings with his counterparts from Denmark, Norway, Sweden, Iceland and Finland.
  • Multilateral Engagement:
    • In the 1980s India and Sweden worked together on nuclear disarmament issues within the framework of the ‘Six Nation Peace Summit’ (that also included Argentina, Greece, Mexico and Tanzania).
    • At the UN General Assembly, India and Sweden present an annual Joint Statement on Humanitarian Affairs.
    • In 2013, during the Swedish Presidency, India joined the Arctic Council as an Observer at the Kiruna Ministerial Meeting.
  • Economic and Commercial relations:
    • India is Sweden’s third-largest trade partner after China and Japan in Asia.
    • Trade in goods and services has increased from USD 3 billion (2016) to USD 4.5 billion (2019).
  • Defence and Aerospace (Sweden-India Joint Action Plan 2018):
    • It highlights collaboration on space research, technology, innovation, and applications.

Way Forward

  • Being a member of the European Union, Sweden can play an important role in India’s partnership with the EU and EU countries.
  • Strategic engagements, bilateral trade and investment scenarios are expected to embolden shared economic progress under mutually beneficial nomenclature.

Source: PIB