India-Sweden trade could double if India-EU FTA finalised

Sven Ostberg, Consul General of Sweden, said bilateral trade between India and Sweden could double within five years if the India-EU free trade agreement is concluded and India advances its green transition.

• Main announcement and timeline: The India-EU FTA negotiations have completed 12 chapters with 8 remaining, and the aim is to finalize the agreement by the end of 2025 with a formal signing at the India-EU summit in January 2026; Ostberg said this FTA combined with India’s green transition could allow bilateral trade to double within five years and potentially exceed $15 billion by 2030.
• Background, concrete figures and projects: Trade rose from US$2.8 billion (2016) to almost US$7 billion (2024); Swedish FDI in India ~US$2.5 billion; >280 Swedish companies operate in India employing >220,000 people. Recent MoUs: Candela Technology AB will deploy electric hydrofoil passenger vessels for water taxi services between Mumbai and Navi Mumbai Airport, and Echandia Marine AB will develop marine battery energy systems for tugboats (potentially reducing emissions by up to 30%). Also highlighted: partnership between Garden Reach Shipbuilders and Engineers and Berg Propulsion to modernize maritime capabilities. Challenges noted include complex compliance requirements and intellectual property issues affecting SMEs.