Rome. Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni on Wednesday agreed to take advantage of the India-EU Free Trade Agreement (FTA) to take bilateral trade to 20 billion euros by 2029. A joint statement issued after the talks between the two leaders said that both countries expressed satisfaction over the new momentum in economic and trade relations, increasing investment and efforts to strengthen long-term cooperation. According to the joint statement, the two leaders welcomed the exchanges at the three business forums held last year. He also met Indian and Italian industrialists and CEOs representing sectors such as defence, digital, energy transition, infrastructure and logistics.
“Both leaders called for taking advantage of the opportunities offered by the India-EU Free Trade Agreement and its early implementation,” the statement said.
The two leaders expressed satisfaction at the growing cooperation between researchers and scientific institutions of the two countries. They welcomed the ongoing cooperation between the Italian Space Agency and ISRO and efforts to strengthen the commercial space partnership.
Along with this, both the countries also emphasized on increasing cooperation in the field of Artificial Intelligence (AI), semiconductor, critical minerals and other cutting-edge technologies. The statement said that the synergy of India’s talented workforce and Italy’s technological capability will create new opportunities in these sectors.
Prime Ministers Modi and Meloni expressed their desire to work on concrete projects to strengthen connectivity infrastructure and reiterated their commitment to the implementation of IMEC.
The two leaders also welcomed the agreements signed between India and Italy on cooperation in the development of the National Maritime Heritage Complex at Lothal in Gujarat and the recruitment of nurses from India.
The joint statement said the two leaders appreciated the contribution of the Indian community in Italy and agreed to ease the movement of students, researchers and academics. It was also decided to celebrate the year 2027 as “India-Italy Year of Culture and Tourism”.
Prime Minister Modi thanked Prime Minister Meloni for the warm welcome he received from the Italian government and people and invited him to visit India at a convenient time.
The two leaders also welcomed the signing of the Joint Declaration of Intent in the Defense Sector and the Industrial Roadmap for Co-Design, Co-Development and Co-Production of Defense Products.
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