Rome, May 20: 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 and highlighted meetings with Indian and Italian entrepreneurs and CEOs from sectors such as defense, digital technology, energy transition, infrastructure, and logistics.
The leaders called for seizing opportunities presented by the India-EU FTA and urged for its swift implementation. They also expressed contentment with the growing collaboration between researchers and scientific institutions from both countries. The ongoing cooperation between the Italian Space Agency and ISRO, along with efforts to strengthen commercial space partnerships, was also acknowledged.
Moreover, both nations emphasized enhancing cooperation in areas such as artificial intelligence (AI), semiconductors, critical minerals, and other advanced technologies. The statement noted that the synergy between India’s skilled workforce and Italy’s technological capabilities would create new opportunities in these fields.
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.
They welcomed agreements on cooperation for the development of the National Maritime Heritage Complex in Lothal, Gujarat, and the recruitment of nurses from India to Italy.
The joint statement appreciated the contributions of the Indian community in Italy and agreed to facilitate the movement of students, researchers, and academics. Additionally, they 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.
The leaders also welcomed the signing of a joint intent declaration in the defense sector and an industrial roadmap for co-design, co-development, and co-production of defense products.