India and Italy Strengthen Bilateral Trade and Economic Partnership: Piyush Goyal Meets with Antonio Tajani , The recent meeting between Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Shri Piyush Goyal and the Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation in Foreign Office, Government of Italy, H.E. Mr. Antonio Tajani was a fruitful discussion about the entire gamut of bilateral trade and economic relations. Shri Goyal was in Rome for his two-day visit to Italy, where he met with Mr. Tajani to exchange views on how the India-Italy trade & economic partnership can be leveraged for growth across diverse sectors.
Elevation of bilateral relations to the level of Strategic Partnership
During the meeting, both Ministers expressed happiness over the elevation of the bilateral relations to the level of Strategic Partnership following the recent state visit of the Prime Minister of Italy, Ms. Giorgia Meloni to India. This development will bring the two countries even closer and open up new avenues for cooperation in various sectors.
Formation of a Joint Working Group in strategic areas
Mr. Tajani suggested the formation of a Joint Working Group in strategic areas such as space, technology, defence, agriculture, etc. to follow up on the important developments under these areas. This initiative will help the two countries to collaborate and work together in a more organized and focused manner to achieve mutual goals.
Bilateral trade between India and Italy
Both Ministers expressed satisfaction at the high growth in bilateral trade between India and Italy, which has reached around US$ 16 Billion in 2022 and resolved to expand it further. The growth in bilateral trade is a reflection of the strong economic ties between the two countries, and the commitment of both governments to take the partnership to the next level.
India-EU FTA negotiation
Shri Goyal briefed Mr. Tajani on the progress made on India-EU FTA negotiation. The Ministers underlined the importance of achieving a free, balanced, and fair Free Trade Agreement and hoped that it would be concluded soon. This agreement will create new opportunities for trade and investment between India and the EU, and strengthen the economic partnership between the two regions.
Next session of the Joint Commission on Economic Cooperation (JCEC)
The Ministers also agreed to the convening of the next session of the Joint Commission on Economic Cooperation (JCEC) in Rome in the last week of September 2023. The JCEC is an important platform for dialogue and cooperation between India and Italy in various sectors, and the upcoming session will provide an opportunity to take stock of the progress made and identify new areas for collaboration.
Strengthening Parliamentary friendship group diplomacy and cyber dialogue
Mr. Tajani suggested strengthening the Parliamentary friendship group diplomacy between the Parliaments of the two countries and exploring scope for having a cyber dialogue. This will help to enhance people-to-people contacts and promote mutual understanding between the two countries.
India’s G-20 priorities
Shri Goyal briefed Mr. Tajani about India’s G-20 priorities and extended an invitation to him for the G20 Trade Ministers Meeting in India in August 2023. Mr. Tajani assured of his full support to make India’s G20 Presidency successful. India’s G-20 Presidency will be an important opportunity to showcase the country’s economic potential and leadership on global issues.
Bilateral cooperation in the field of clean energy
Shri Goyal emphasized on enhancing the bilateral cooperation in the field of clean energy to achieve sustainability to mitigate the negative impact of climate change. He stated that developed countries make the low cost climate financing and technology available to the developing countries to deal with the climate change issue effectively. This cooperation will help both countries to achieve their climate goals and contribute to the global effort to tackle climate change
