Strengthening Bilateral Trade: India and Italy Discuss Enhanced Economic Cooperation

The meeting underscored the long-standing friendship between India and Italy, founded on shared democratic values and a mutual commitment to fairness and prosperity.

The Union Minister of Commerce and Industry, Shri Piyush Goyal, met with H.E. Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs of Italy, to discuss the deepening of economic ties and the expansion of bilateral trade and investment opportunities between the two countries. This meeting marked another crucial step in advancing the India-Italy relationship, with both leaders committed to strengthening their cooperation across various sectors. The meeting underscored the long-standing friendship between India and Italy, founded on shared democratic values and a mutual commitment to fairness and prosperity.

India-Italy trade has been growing steadily, with estimates showing trade of approximately US$ 15 billion for the year 2023-2024. Additionally, Foreign Direct Investments (FDI) from Italy into India have reached an impressive US$ 4 billion since the year 2000. This expanding economic relationship reflects the growing recognition of India's dynamic economy and its significance as a strategic partner for Italy in diversifying trade and investment channels.

During the discussions, both leaders highlighted the relevance of this partnership in achieving economic prosperity and growth. They also explored new avenues to strengthen ties in areas such as pharmaceuticals, textiles, Industry 4.0 and technological collaboration, shipbuilding, energy transition, and agri-tech and food processing. These sectors, identified as priority areas, reflect the shared interest of both nations in fostering innovation and sustainability.

The leaders also addressed the progress of the EU-India Free Trade Agreement (FTA) negotiations. Both India and Italy emphasized the importance of prioritizing trade issues to streamline negotiations and create a commercially viable and mutually beneficial trade framework. A successful FTA would help in strengthening value chains, ensuring business stability, and addressing emerging global risks.

The discussion also revolved around the trade barriers that exporters and investors face, with both leaders agreeing on the need for continuous dialogue to overcome these challenges. Both sides were eager to foster a business environment that would enable smoother trade flows and more opportunities for collaboration. Additionally, the leaders reaffirmed their commitment to resolving any trade-related issues that may arise, ensuring a healthy and productive trading relationship for years to come.

Both ministers had earlier attended the plenary session of the India-Italy Business, Science, and Technology Forum, where they engaged with Indian and Italian business leaders. This event further exemplified the growing partnership between the two countries and highlighted the increasing collaboration between businesses, scientists, and technologists from both sides.

In a bid to continue this momentum, it was agreed that the next meeting of the Joint Commission for Economic Cooperation would take place in Italy. This meeting, expected to be held at a mutually convenient time, will be accompanied by a high-level business delegation. The objective is to advance bilateral trade, enhance market access, and promote further investments in both countries.

The India-Italy partnership, built on shared values and an eagerness to explore new frontiers of cooperation, promises a prosperous future for both nations. This high-level engagement exemplifies the commitment of both countries to work together towards achieving tangible outcomes in the coming years, fostering a resilient and mutually beneficial economic relationship. The Joint Strategic Action Plan for 2025-2029, agreed upon by the two Prime Ministers in November 2024, will serve as the blueprint for future collaborations, ensuring that both nations continue to build on the foundation of trust, fairness, and economic prosperity.