India-Italy sign Joint Commission for Economic Cooperation

Mumbai (Maharashtra) [India] December 11 (ANI): India and Italy on Thursday signed the India-Italy Joint Commission for Economic Cooperation (JCEC) protocol, charting the roadmap for strengthening economic partnership.

The protocol was signed by India's Commerce Minister Piyush Goyal with Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy, Antonio Tajani.

Taking it to social media platform X, Piyush Goyal said, "We also witnessed the signing of industry agreements across various sectors between both sides. At our joint address to the press, I reiterated the significance of deepening India-Italy cooperation by expanding trade, boosting investments, enhancing industrial collaborations, and leveraging the broader India-EU engagement to unlock new opportunities."

The India-Italy Business Forum was held in Mumbai on 11 December during the visit of the Italian Deputy Prime Minister.

While speaking at the forum, Piyush Goyal said that this is the third business engagement in last eight months.

"It reflects the strong bond between our countries, and we are working on strengthening our strategic ties, advancing the EU-India FTA, and creating joint business and investment opportunities, he said.

"Together we will work to make sure that India-Italy relationship will become the defining relationship of 21st century. India is committed towards the FTA which will create the enabling framework which will be a fair, equitable and balanced Free Trade Agreement. It will be a win-win for EU and India, and we should be able to get this over the finishing line," he emphasized.

Minister Goyal also stated that India and Italy are taking proactive steps towards implementation of the Italy-India Joint Strategic Action Plan across key sectors including trade, investment, research, innovation, and people-to-people ties.

Highlighting key sectors with investment opportunities, he said that auto components, textiles, leather goods are some of the areas where Indian and Italian industry can jointly work. Indian companies are willing to work in areas like R&D, technology, innovation, sports goods, defence, space technologies, agri and processed foods.

"Sports is an important sector for us since India is hosting the Commonwealth Games in 2030 and making a bid for the Olympics for 2036. India is keen to bring the sporting culture in the country," he noted.

Antonio Tajani while addressing the Forum said, there is need to collaborate more in areas like innovation, research and education, which are essential for global competitiveness.

"I see strong potential in India. Italy aims for 700 billion euros in exports by 2027, and India is a key partner. Many Italian companies are active in India and sectors like sports; automotive industry offer further opportunities. We want to invest more in India, increase our exports, and welcome Indian investments in Italy," he added.

He further stated that Indian market has opportunities and key sectors for Italian companies include sports, automotive, defence, pharma, space along with culture.

"We want to invest in your (India) country, export more to India along with increased investments. We also want to become part of Indian innovation strategy. Innovation for industries is fundamental. We are proud of our strategic partnership and want to support our diplomacy for growth," he highlighted. (ANI)

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