'Countries backing rules-based order must move closer': Norwegian PM flags "weaponisation" of trade
Oslo, May 18
Norwegian Prime Minister Jonas Gahr Store on Monday called for closer ties between nations that uphold a rules-based international order, citing concerns over the "weaponisation" of trade, diplomacy, and critical supply chains.
Speaking at the Norway-India Business and Research Summit at Oslo City Hall, Støre underlined that the global system is evolving and nations that support stability in trade and international relations need to "move closer together" and added that he discussed the issue with Prime Minister Narendra Modi earlier in the day.
"One thing that I have discussed with Prime Minister Modi today is the fact that countries that believe in a rule-based order, which is not static but is always developing and kind of responding to what is happening around, and countries that believe in certain standards and certain stability in trade and geopolitics and how they deal with each other have to move closer together. They are outside there in the global community, key players who are weaponising certain keychains," Støre said.
He flagged the role of "key players" in the global community who are "weaponising, to some extent, diplomacy, trade, value chains, and critical rare materials".
"Weaponising, to some extent, diplomacy, trade, value chains, and critical rare materials," he said.
Store welcomed the outcome of PM Modi's visit, noting that "numerous agreements" were concluded on Monday.
"What I appreciate about this visit is that we have concluded numerous agreements today. Many of the key players from the Norwegian side are now engaged. The Norwegian government is very much committed to following up on that and deepening the political contacts. We have a Nordic-Indian summit tomorrow," he added.
Earlier in the day, Prime Minister Narendra Modi held a wide-ranging interaction with leading Norwegian business and research leaders at the India-Norway Business and Research Summit, with the outreach bringing together CEOs and senior leaders from diverse fields in Norway ranging from energy and shipping to healthcare technology.
The combined market capitalisation of the major participating companies is estimated at around USD 200 billion.
The interaction underlined the scale and significance of Norway's economic engagement with India and New Delhi's growing importance as a trusted economic partner.
In his interaction, PM Modi highlighted the opportunities in India. The outreach brought together CEOs and senior leaders from the fields of energy and offshore wind, green hydrogen and green ammonia, maritime and shipping , fertilizers and food security, consumer goods and food processing, industrial manufacturing and coatings, robotics and underwater technologies, healthcare technologies and research, innovation and higher education.
The combined market capitalisation/enterprise value of the major participating companies is estimated at around USD 200 billion, underlining the scale and significance of Norway's economic engagement with India.
The meeting also reflected India's growing importance as a trusted economic partner and innovation destination for Nordic economies.
Among the prominent companies represented were: Equinor - Norway's energy giant and a global leader in oil, gas, offshore wind and low-carbon energy; Yara International - global fertilizer and green ammonia major; Orkla - leading Nordic consumer goods conglomerate with major India presence through brands like MTR and Eastern and Kongsberg Group/Kongsberg Maritime - advanced maritime technology, defence and robotics company.
The other prominent companies represented at the interaction included DNV - global leader in maritime classification, risk management and energy transition services; Jotun - internationally renowned coatings and paints company; Aker Solutions - major global energy engineering and services company; BW LPG - world's largest LPG shipping company and Laerdal Medical - global healthcare training and medical simulation leader.
— ANI
Reader Comments
Interesting summit — $200 billion in market cap of participating companies is no joke. But I wonder what concrete agreements came out of it? Feels like these summits often end with lots of promises but not enough action. Hope this time it's different for India-Norway trade.
The Norwegian PM is absolutely right — the rules-based order is under threat. But let's not forget that India itself needs to be careful about becoming too dependent on any one country for critical materials. Diversification is key, and partnerships like this one are a step in the right direction.
As someone who works in the maritime sector, I can say that Norway's expertise in shipping and energy is world-class. This summit could bring huge benefits for India's green hydrogen and offshore wind ambitions. Let's hope the follow-through matches the rhetoric.
Finally, some serious engagement with Nordic countries! 🇮🇳 Norway has the technology and capital, India has the market and talent. This is a match made in heaven for clean energy and green tech. But we need to see actual projects on the ground, not just MOUs.
"Weaponisation of trade" — a very apt description of what's happening globally. India has been a victim of this too (remember the border standoff?). Partnerships with like-minded nations are essential. However, I wish the article gave more details about the "numerous agreements" signed. What exactly did we agree on?
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.