Piyush Goyal meets with Italian Deputy PM Antonio Tajani—Key highlights

Union Commerce and Business Minister Piyush Goyal met with Italian Deputy Prime Minister and Minister of International Affairs Antonio Tajani in New Delhi on Friday. Throughout their discussions, the leaders touched upon a bunch of essential elements such because the strengthening oif bilateral commerce and funding ties between the 2 sides. The assembly cemented India’s longstanding relationship with Italy. In addition they mentioned at size methods to broaden financial cooperation between each international locations, exploring new avenues to advance this partnership. 

Listed below are 10 key takeaways from the assembly:

• Each leaders acknowledged the relevance of India’s dynamic and fast-growing financial system whereas emphasising the importance of diversifying commerce relations and deepening financial ties to realize development and prosperity, in accordance with an official assertion.
• Deliberations additionally spanned key areas such because the progress of EU-India Free Commerce Settlement (FTA) negotiations.
• Each emphasised the significance of prioritising commerce points so as to streamline negotiations and to ship a commercially significant package deal to construct resilient worth chains to supply stability to enterprise in opposition to rising dangers, it famous.
• The event marks a major step in boosting the Joint Strategic Motion Plan 2025-2029, agreed upon at PM degree in November.

ALSO READ: India to emerge as international chief in innovation, tech-driven development: Piyush Goyal

• The motion plan entails purposeful momentum, selling smoother commerce flows, nurturing funding alternatives, and attaining tangible outcomes, to place sides on a path of mutually helpful and affluent partnership.
• Key areas of potential collaboration that have been mentioned included prescription drugs, textiles, trade 4.0 and technological collaboration, gems and jewelry, ship constructing, vitality transition, agricultural know-how and meals processing.
• Italy recognised the need of partaking with India as a strategic accomplice to diversify its commerce relationships, the assertion stated.
• Each leaders additionally mentioned a string of commerce limitations that exporters and buyers come throughout, agreeing to iron out such points by steady dialogue.

ALSO READ: Union Minister Piyush Goyal fingers over keys of recent houses for 91 slum swellers displaced by street mission in Mumbai

• It’s value noting that the commerce between the 2 sides was estimated at about $15 billion in 2023-2024.
• FDI from Italy into India was estimated at about $4 billion for the reason that yr 2000.