India and Italy Agree to Boost Bilateral Trade to €20 Billion by 2029

Rome, May 21: Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni have agreed to enhance bilateral trade to €20 billion by 2029, leveraging the India-European Union Free Trade Agreement (FTA).

In a joint statement following their discussions, both leaders expressed satisfaction with the renewed momentum in economic and trade relations, increased investments, and efforts to strengthen long-term cooperation.

The statement welcomed the exchange of three business forums held last year. They also met with Indian and Italian entrepreneurs and CEOs representing sectors such as defense, digital technology, energy transition, infrastructure, and logistics.

The leaders called for capitalizing on the opportunities presented by the India-EU FTA and urged its swift implementation. They expressed contentment with the growing collaboration between researchers and scientific institutions in both countries. The ongoing cooperation between the Italian Space Agency and ISRO, along with efforts to strengthen commercial space partnerships, was also highlighted.

Furthermore, both nations emphasized enhancing cooperation in artificial intelligence (AI), semiconductors, critical minerals, and other advanced technologies. The statement noted that the synergy between India’s talented workforce and Italy’s technological capabilities would create new opportunities in these fields.

Prime Ministers Modi and Meloni expressed their commitment to working on concrete projects to strengthen connectivity infrastructure and reaffirmed their dedication to the implementation of IMEC.

They welcomed agreements between India and Italy regarding cooperation in the development of the National Maritime Heritage Complex in Lothal, Gujarat, and the recruitment of nurses from India.

The joint statement acknowledged the contributions of the Indian community in Italy and agreed to facilitate the mobility of students, researchers, and academics. They also decided to celebrate 2027 as the “India-Italy Culture and Tourism Year.”

Prime Minister Modi thanked Prime Minister Meloni for the warm welcome extended by the Italian government and people, inviting her to visit India at a convenient time.

Both leaders also welcomed the signing of a joint intent declaration in the defense sector and the industrial roadmap for co-designing, co-developing, and co-producing defense products.