Indian Prime Minister Narendra Modi visited Sweden on Sunday, marking the second leg of a European tour that also features the Netherlands, Norway, and Italy.
In Gothenburg, Modi held discussions with his Swedish counterpart Ulf Kristersson and European Commission President Ursula von der Leyen at the European Business Round Table for Industry to engage with European and Indian business leaders.
"This will further strengthen investment connections between India and Europe," Modi stated in a post on X prior to the event.
Von der Leyen reaffirmed the dedication to the EU-India trade agreement, referred to as the "mother of all deals," that was signed in New Delhi in January and is anticipated to be completed by year's end.
Encompassing nearly two billion individuals and roughly a quarter of the world's economic performance, the agreement represents the largest bilateral trade accord either party has ever finalized, amid a period when geopolitical tensions are increasingly influencing global trade.
According to the agreement, India will remove or lower tariffs on 96.6% of goods exported by the EU, whereas the EU will open 99.5% of its tariff lines for goods imported from India within seven years.
Also Read: ABB Invests $200 Million in Europe Grid Modernization
"However, trade represents only part of the equation," Von der Leyen remarked on Sunday, noting that the "subsequent step should be to establish an investment agreement."
"This represents the crucial component of our strengthened economic collaboration," she stated.
"In summary, this vibrant new phase in EU-India relations presents historic chances, and we are committed to taking advantage of them," Von der Leyen stated.
Modi and Kristersson also talked about enhancing bilateral relations in "trade, investments, innovation, defense, and beyond."
Also Read: Magyar to Spell Out Conditions on EU Funding to von der Leyen
Modi signed a strategic partnership to enhance collaboration in trade, technology, and energy with the Netherlands following a meeting with Dutch Prime Minister Rob Jetten.
Also Read: Vodafone Poised for Major Customer Push Across Europe
Modi will then travel to Oslo for the third India-Nordic summit, where he is set to meet with the leaders of Norway, Sweden, Denmark, Finland, and Iceland. Discussions will emphasize the countries' collaboration in technology, renewable energy, defense, space, and the Arctic, according to India's External Affairs Ministry.