Sixth Session of India-Norway Joint Commission meeting was held on 13 oct 2020. Minister of External Affairs of India Subrahmanyam Jaishankar represented india at Joint Commission meeting.
Foreign ministers welcomed the establishment of COVAX during the Joint Commission meet. India-Norway agreed to engage in regular consultations on the issues of UN Security Council (UNSC). Both countries also hoped for an early conclusion of India and European Free Trade Association (EFTA) trade negotiations. The 4 members of European Free Trade Association are Iceland, Liechtenstein, Norway (Scandinavian country) and Switzerland.
Last year, India and Norway signed a MoU for Blue Economy. Norway supports India’s membership in Nuclear Supplier’s Group. Also, Norway supports India Missile Technology Control Regime (MTCR). In 1986, Both countries signed Double Taxation Avoidance Agreement and revised in 2011.
What is Blue Economy?
Blue Economy is the sustainable use of ocean and its resources for improved livelihoods, economic growth and ocean ecosystem health. It encompasses fisheries, renewable energy, maritime transport, climate change, tourism and waste management. It is important as 80 per cent of international trade are transported by sea.
Also, Blue Economy emphasizes on social inclusion and environmental sustainability.
Importance of Blue Economy
At least 3 per cent to 5 per cent of world GDP is derived from oceans. The oceans protect biodiversity and absorb about 30 per cent of global carbon dioxide (CO2) emissions. The Blue Economy supports diversification, food security, protein food, and seep sea minerals.
Blue Economy for India
The marine sector serves as the backbone of blue economy. The maritime services will help India become a $10 trillion economy by 2022. Around 80 per cent of global oil trade happens through Indian Ocean.
Initiatives of India to boost Blue Economy
- India launched the Sagarmala Project to develop inland waterways and coastal shipping. It focuses on development of coastal communities.
- O-SMART Scheme: O-SMART is an umbrella scheme that was launched to regulate use of marine resources
- The Integrated Coastal Zone Management focus on marine and coastal resource conservation improving the livelihood opportunities of coastal communities.
About Indian Missions to Norway
3 Arctic Missions from India have visited Norway in 2007, 2008 & 2009.
6h Session of India-Norway Joint commission held 6h Session of India-Norway Joint commission held