Sixth Session of India-Norway Joint commission held

October 14, 2020

On October 13, 2020, the Sixth Session of India-Norway Joint Commission was held. India was represented by the External Affairs Minister S Jaishankar.

Key Highlights

The ministers welcomed the establishment of COVAX during the meet. Both the countries agreed to engage in regular consultations on the issues of United Nations Security Council. The countries also hoped for an early conclusion of India and European Free Trade Association trade negotiations. The four members of EFTA are Iceland, Switzerland, Norway and Liechtenstein.

India-Norway

In 2019, India and Norway signed a Memorandum of Understanding for Blue Economy. Norway supports India’s membership in Nuclear Supplier’s Group. Also, Norway supports India Missile Technology Control Regime (MTCR). India and Norway signed Double Taxation Avoidance Agreement in 1986 and revised in 2011.

What is Blue Economy?

It 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% of international trade are transported by sea.

Also, Blue Economy emphasizes on social inclusion and environmental sustainability.

Need for Blue Economy

At least 3% to 5% of world GDP is derived from oceans. The oceans protect biodiversity and absorb about 30% of global carbon dioxide 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 USD economy by 2022. Around 80% 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: It 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.