‘We Will Move Forward On…’: Modi, EU & Sweden Unveil Massive Historic Deal Reshaping Global Trade

Added: 2026-05-18

[00:00:00]Good evening and most welcome and most welcome to you.

[00:00:05]Uh it is really a privilege for me to host Prime Minister Modi of India.

[00:00:12]And Commission President Ursula von der Leyen here in Gothenburg for this very special occasion.

[00:00:18]Sweden-India ties have very deep roots.

[00:00:23]Swedish companies have been present in India for well over 100 years creating jobs, creating growth, creating friendship.

[00:00:33]Today some 300 Swedish companies operate in India, many of them with their own production capabilities.

[00:00:42]And this relationship is growing as Indian companies also increasingly invest here in Sweden.

[00:00:52]Actually, slightly more than 10 years ago, I myself, together with my Indian counterpart at the time, we signed the first Sweden-India social security agreement in New Delhi.

[00:01:06]With the explicit aim to promote corporate and professional ties between our two countries. That might have helped.

[00:01:16]Today, the 80,000 plus Indian diaspora here in Sweden makes a significant contribution to our economy and our society. Not least bringing much needed skills in high-tech sectors across Sweden.

[00:01:34]The European Union, Sweden, and India all recognize the immense potential that lies in deepening our partnership. Not least when it when the world is as complicated and unpredictable as it obviously is today.

[00:01:52]Prime Minister Modi, your visit marks another milestone in this history of India-Sweden relations.

[00:01:59]Today, we have launched a strategic partnership and joint action plan for our shared objectives.

[00:02:07]We upgrade and we modernize existing areas of cooperation and we expand this cooperation to new areas shaping the future. Innovation, emerging technologies, AI, space, and geospatial technology along with the green transition, of course.

[00:02:29]As for concrete outcomes of today's meetings, first, we have agreed to launch a joint innovation partnership 2.0 and to set up a joint center for science and technology to connect academic institutions in both countries. Second, we will enhance our political dialogue on security and defense-related matters, including including through a dialogue between our countries' national security advisers.

[00:03:01]Third, we launch a third phase of the Leadership Group for Industry Transition, called LeadIT, which is proudly co-chaired by Sweden and India.

[00:03:14]Through LeadIT, we will continue to drive this global movement for accelerating the green transition of heavy industry.

[00:03:24]And fourth, the sky is not the limit for the Sweden-India partnership. Instead, we both share an ambition to scale up our cooperation on space.

[00:03:38]Your space program has seen some exceptional achievements in the past few years, including the successful lunar landing in 2023.

[00:03:50]We don't have exactly that ambition yet.

[00:03:57]But Sweden too is a space nation with unique European capabilities, not least through the S range space center in the most northern part of Sweden. Actually, the only one on continental European Union soil.

[00:04:16]S range provides international parties with ground network and rocket test services. My government invests heavily in the development of orbital launch capability for defense purposes at S range.

[00:04:29]Our bilateral space cooperation has been ongoing for a long time. India's space research organization and Sweden's national space agency have joined forces since the 1980s.

[00:04:44]Now, I see great scope for India and Sweden to pursue enhanced cooperation in this area. And I'm very pleased that two two our two space organizations have signed an MOU to collaborate on an instrument that will be part of the Venus orbiter mission. So, Sweden is proud to be on our way to Venus together with India.

[00:05:09]On trade, finally, we have a joint ambition to double our bilateral trade and investments within 5 years. With current speed, I actually believe it could become reality even sooner.

[00:05:23]The decisive conclusion of the India-EU free trade agreement is largely due to the foresight, the determination, and the personal leadership of Prime Minister Modi and President von der Leyen. Thank you both very, very much.

[00:05:39]Sweden is a pretty small country, but also a pretty big trading nation. Thanks to the two of you, great opportunity lies before us. This deal on free trade is estimated to to create some 23,000 new jobs in Sweden with more than 6,000 of them here in the Gothenburg region.

[00:06:02]But I regard this free trade agreement not as the end of the road, but the beginning of a new journey. Sweden together with India and with our European friends is very committed to make sure this partnership lives up to its true potential.

[00:06:18]Very finally, in this unpredictable and sometimes dangerous world, the EU and India are partners that promote stability and prosperity.

[00:06:29]Or as you, President von der Leyen, stated in your landmark address in New Delhi last year, if we get it right, the Europe-India relationship could be one of the defining partnerships of the century.

[00:06:46]And I very much agree on that.

[00:06:49]And Prime Minister Modi, I know the year 2047 holds a special meaning in India since it marks the 100th year anniversary of the birth of the Republic. And you have laid out a clear vision for this occasion. Viksit Bharat.

[00:07:08]Sweden and the entire European Union will be India's partners on this journey. All the way to 2047 and beyond. Thank you so much.

[00:07:21]Please.

[00:07:22]Thank you very much, Prime Minister Kristersson dear Ulf. Thank you for inviting me to join you here in beautiful Gothenburg, >> [snorts] >> one of the Nordic region's great trading and industrial hubs.

[00:07:35]And please allow me to join you in extending the warmest of European greetings and welcomes to you, Prime Minister Modi, dear Narendra.

[00:07:45]It has only been a few months since you hosted me in New Delhi for our groundbreaking EU-India Summit.

[00:07:55]We succeeded indeed in concluding our landmark trade agreement. We call it the mother of all deals.

[00:08:03]And just look at some of the figures.

[00:08:06]A shared market of over 2 billion people.

[00:08:10]That is close to 1/4 of global GDP.

[00:08:14]Over 90% of tariff cuts.

[00:08:18]Enormous opportunity to grow trade and investment.

[00:08:23]From here in Gothenburg, Scandinavia's largest trading port to Mundra Port in your home state in Gujarat.

[00:08:31]And in doing so, creating jobs and prosperity for our people.

[00:08:37]There is no time to lose in turning this opportunity in reality.

[00:08:43]And that's why we are committed to sign the agreement by the end of the year and making it fully operational at record speed.

[00:08:53]I'm also pleased to announce that we will mark this moment with a large-scale business event for European and Indian companies.

[00:09:04]And the aim is simple.

[00:09:07]We want to give business the information and guidance they need to start benefiting from the day deal from day one on.

[00:09:17]But trade is only half of the equation.

[00:09:21]Our next step must be to deliver an investment agreement.

[00:09:25]And this is the missing piece of the puzzle in our reinforced economic cooperation.

[00:09:32]Especially in a world where supply chains are being reshaped and economic security challenges as as never before.

[00:09:42]Deepening our investment ties will help us to de-risk and to diversify.

[00:09:50]Basically, one can say the trade agreement opened the door and investment agreement walks us through this door.

[00:10:00]And from the foundation, member states like Sweden can build stronger bilateral ties with India.

[00:10:07]Your new strategic partnership you just mentioned, dear Ulf, is proof of this.

[00:10:13]And this is exactly how it should be.

[00:10:16]The commitment to double economic exchanges between your two countries in the next 5 years, that is the ambition that Europe needs.

[00:10:25]I hope that other member states will follow Sweden's good example.

[00:10:31]In January, we not only signed the mother of all deals, we also moved closer on security and defense on which we signed our partnership.

[00:10:42]And with the first EU-India security and defense dialogue in New Delhi, we continue to deepen the cooperation, particularly on maritime security, where we will hold joint EU-India naval exercises.

[00:10:59]We will also work together in countering cyber threats, protecting our critical infrastructure, and by generally increasing our information sharing.

[00:11:10]Our cooperation can help bring stability to an unstable world and provide security to our citizens.

[00:11:19]Prime Ministers, dear Ulf, dear Narendra, today you have talked about the importance of working together in the emerging technology space.

[00:11:30]Our EU-India trade and technology is already showing the way forward.

[00:11:36]Under its umbrella, we are aligning our AI governance.

[00:11:41]We're working together on semiconductors.

[00:11:44]We're strengthening the resilience of our supply chains.

[00:11:49]And we are ensuring interoperability between our digital systems.

[00:11:54]We will discuss these topics at the next meeting in July.

[00:11:59]And as you said, Ulf, we are shooting for the stars.

[00:12:05]As we work to explore new frontiers in our EU India space dialogue, and again, Sweden is showing the way as the home of mainland Europe's only space base.

[00:12:19]And India's already shooting for the moon with your successful landing there.

[00:12:25]Our work together in space will help and strengthen will help strengthen not only our security, but of course also our prosperity.

[00:12:33]All in all, this dynamic new era in EU India relations opens historic opportunities, and we are determined to seize them.

[00:12:44]Many thanks.

[00:12:46]Thank you so much, Ursula. Please, Prime Minister.

[00:12:54]Your Ex- Your Excellency, Prime Minister Kristersson, Your Excellency, President Ursula von der Leyen, delegates of both countries, friends from the media, namaskar.

[00:13:13]First of all, I would like to express my heartfelt thanks to Prime Minister Kristersson for his warm welcome.

[00:13:25]A short while ago, I was honored with uh Sweden's highest award, the Royal Royal Order of the Polar Star.

[00:13:38]This was not just an honor for me.

[00:13:44]It honored 1.4 billion Indians.

[00:13:50]It also honored all our friends in Sweden that have enriched India-Sweden relations and given them a strong foundation.

[00:14:07]My special thanks also to President Ursula G for taking part in today's program.

[00:14:16]Being here in Gothenburg, the industrial heartland of Sweden and Europe, adds a special meaning to my visit.

[00:14:29]Friends, relations between India and Sweden are based on the strong foundation of democratic values, the rule of law, and human-centric development.

[00:14:47]Both countries We both believe that innovation is the pathway to development. We believe sustainability is our responsibility, and we consider democracy to be our strength. In today's meeting, we discussed moving forward, building on these similarities.

[00:15:13]Given the increasing cooperation between us in every sector, we have decided to elevate our partnership to the level of a strategic partnership. Under this partnership, we will move forward on key pillars such as green transition, defense, emerging technologies, and people-to-people ties.

[00:15:42]Friends, there is great potential for our cooperation in high-tech sectors such as AI, health tech, and green mobility.

[00:15:56]This year, a big business delegation from Sweden took part in the AI Impact Summit held in India.

[00:16:11]We will work on concrete initiatives to strengthen the Sweden-India technology and AI corridor.

[00:16:22]In order to increase contacts between startups and research ecosystems of both countries, we are going to set up an India-Sweden Science and Technology Center.

[00:16:38]India and Sweden also have strong convergence in their thinking on climate change and sustainability.

[00:16:49]Leadership Group for Industry Transition, that is LeadIT, is our shared global initiative under which we are focusing on low-carbon industrial transformation.

[00:17:05]Today, we have taken a decision to work on its third phase.

[00:17:14]A A work is being done in India on green hydrogen, on the circular economy, and on sustainable infrastructure.

[00:17:27]We can bring together Sweden's technology and India's scale to develop climate solutions for the entire world.

[00:17:38]Cooperation between India and Sweden in the Arctic region is contributing greatly towards global climate understanding. Friends, our cooperation in the area of defense is growing continuously.

[00:17:58]The fact that Swedish companies are establishing production facilities in India shows that we have moved beyond a buyer-seller relationship and moving towards a long-term industrial partnership.

[00:18:19]Friends, Ursula G's presence >> [snorts] >> today adds a special significance to this occasion.

[00:18:28]In January this year, during her visit to India, we took several historic decisions to elevate India-EU relations to new heights.

[00:18:43]I'm pleased that there is progress on all those outcomes.

[00:18:51]The India-EU FTA will open up new opportunities for industries, investors, and innovators.

[00:19:01]And borrowing Ursula G's words, it is indeed the mother of all deals.

[00:19:10]With the security and defense partnership and the mobility agreement our strategic and people-centric partnership will become even deeper.

[00:19:23]The India-EU trade and technology council has made our partnership even stronger.

[00:19:34]We are working together in digital technologies, clean energy, semiconductors, resilient supply chains as well as innovation.

[00:19:47]Political economic and strategic convergence between India and Europe is important for peace and stability across the world. Friends in the current global environment marked by tensions, close cooperation between democracies like India and Sweden becomes especially important for resolving various conflicts and issues.

[00:20:19]India has always emphasized on dialogue and diplomacy.

[00:20:25]India and Sweden agree that terrorism is a serious threat for entire humanity.

[00:20:35]I express my gratitude to Prime Minister Kristersson for the support we received from Sweden after the attacks in Pahalgam last year.

[00:20:49]We will continue our fight against terrorism and its supporters. Excellencies I would once again like to thank all of you for the meaningful talks today. I am confident that with our joint efforts, India-Sweden and India-Europe partnership will continue to move forward.

[00:21:16]And together, we will continue to make our contribution towards global peace, security, and prosperity. Thank you very much.

[00:21:29]>> [music]