Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni have agreed to utilize the India-EU Free Trade Agreement to enhance bilateral trade to 20 billion euros by 2029. They highlighted the increasing economic and commercial ties between the two countries, emphasizing the exchange of three Business Forums last year and meetings with key CEOs from various sectors.
Both leaders have emphasized the importance of the India-EU Free Trade Agreement and urged for its prompt implementation. They also expressed satisfaction with the growing collaborations between researchers and scientific institutions from India and Italy, particularly in areas such as space technology, AI, semiconductors, and critical minerals.
In addition, Modi and Meloni have shown interest in developing connectivity infrastructure through specific projects, reaffirming their commitment to the India-Middle East-Europe Economic Corridor (IMEC). They welcomed the signing of MoUs on projects related to maritime heritage development and nurse recruitment between the two countries.
Acknowledging the significant role of the Indian diaspora in Italy, both leaders have agreed to facilitate the mobility of students, researchers, and academia. They have also planned to mark 2027 as the “Year of Culture and Tourism between India and Italy.” Prime Minister Modi extended gratitude to Prime Minister Meloni for the hospitality and invited her to visit India at a suitable time.
Furthermore, the leaders welcomed the signing of the Joint Declaration of Intent in the defense sector and an Industrial Roadmap for collaboration in defense product co-design, co-development, and co-production.
