On Friday, Italian Prime Minister Giuseppe Conte met with his Indian counterpart Narendra Modi to discuss expansion of bilateral trade and cooperation. In the run-up to the meet, the Indian Ministry of External Affairs (MEA) released a statement saying that the two premiers are looking to sign fifteen “government-to-government and private sector” agreements in the areas of trade, investment and environment along with fisheries, media and entertainment. The statement also said that Conte and Modi were looking to “exchange views on major regional and global issues of mutual concern.”
Sources suggest that the Italian side is looking to further a “two-way” investment in fields including “green and circular economy, energy, health and pharma, food processing, infrastructure and advanced manufacturing.” On the other hand, India wishes to utilise Italy’s expertise in “design, innovation, [and] niche technologies” to further its “Make in India” programme.
With bilateral trade standing at EURO 9.52 billion in 2019, expanding cooperation between the countries is crucial. Italy is India’s fifth-largest trading partner in the European Union (EU). Moreover, India houses over 600 major Italian companies that operate in several fields, including textile, infrastructure, energy and insurance. According to the MEA’s statement, “India and Italy share a warm and multifaceted relationship based on strong historical ties, common democratic traditions, rule of law and a shared goal of international peace and stability.” Moreover, as a member of the EU, bolstering ties between the two countries could also prove beneficial for India’s aim to further its relationship with the bloc. Additionally, Italy’s membership in other groups such as the G7, G20, North Atlantic Treaty Organisation (NATO) and Organisation for Economic Co-operation and Development (OECD) also makes Italy a favourable ally of India.
This meeting comes as India is looking to further its diplomatic relations in Europe. Consequently, earlier this month, Foreign Secretary Harsh Shringla, concluded his week-long three-nation tour to Europe, wherein he visited France, Germany and the United Kingdom. During his visit, he discussed the need to unite in the fight against global terrorism and “radicalism in Europe.” These diplomatic discussions are particularly crucial for India as it seeks to benefit from Europe’s vision to reduce its overdependence on China. Moreover, European countries, particularly France and Germany, have also been looking to increase their influence in the Indo-Pacific and assist India and its allies to reinforce a “rule-based order” in the region.
Finalisation of Several Pacts to be Discussed During Modi-Conte Summit
According to a statement by the Indian Ministry of External Affairs, the two leaders are looking to sign fifteen "government-to-government and private sector" agreements.
November 6, 2020
Italian and Indian premiers, Giuseppe Conte and Narendra Modi, during the 2017 India-Italy Summit. SOURCE: AFP