Strengthening bilateral trade and investment ties discussed

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 here today to discuss strengthening bilateral trade and investment ties. The meeting reinforced the longstanding relationship between India and Italy, built on shared values of democracy and fair play. The two leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership.

This high-level engagement marks a significant step to advance the Joint Strategic Action Plan 2025-2029, agreed at the level of the two Prime Ministers in November 2024, with purposeful momentum, promoting smoother trade flows, nurturing investment opportunities, and achieving tangible outcomes, to pave the way for a prosperous, mutually beneficial partnership that benefits both our nations. It may be noted that India-Italy trade is estimated at about US$ 15 billion in 2023-2024 while Foreign Direct Investments from Italy into India are estimated at about US$ 4 billion since the year 2000.

During discussions, both leaders acknowledged the relevance of India’s dynamic and fast-growing economy while emphasizing the significance of diversifying trade relations and deepening economic ties to achieve growth and prosperity.

The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations and emphasized the importance of prioritizing trade issues to streamline negotiations and deliver a commercially meaningful package to build resilient value chains to provide stability to business against emerging risks.

Sectors like pharma, textiles, industry 4.0 & technological collaboration, gems & jewellery, ship building, energy transition and agri-tech and food processing were highlighted as key areas of collaboration. Italy recognized the necessity of engaging with India as a strategic partner to diversify its trade relationships. The trade barriers faced by exporters and investors were also discussed, with both sides agreeing to resolve such issues through continuous dialogue. Both Ministers earlier attended the plenary session of the India-Italy Business, Science and Technology Forum and also interacted with Indian and Italian business leaders.

It was agreed that the next meeting of the Joint Commission for Economic Cooperation would be held in Italy at a mutually convenient time, accompanied by a high-level business delegation to advance bilateral trade, enhance market access, and promote investments.

Trade and investment cooperation deepened as India and Italy advance the Joint Strategic Action Plan and prioritise FTA talks. Ministers of India and Italy committed to advance the Joint Strategic Action Plan 2025-2029, prioritise trade facilitation and investment promotion, accelerate EU India FTA negotiations to deliver a commercially meaningful package, address exporter and investor barriers through continuous dialogue, and hold the next Joint Commission for Economic Cooperation meeting in Italy with a high level business delegation to enhance market access and promote investments.