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Source: The post is based on the article “India, Italy ink agreement to boost defence cooperation” published in “PIB” on 10th October 2023
What is the News?
India and Italy have signed an agreement on defence cooperation.
What is the purpose of India-Italy agreement on Defence cooperation?
The agreement will promote bilateral cooperation in areas such as security and defence policy, research and development, education in the military field, maritime domain awareness, sharing of defence information and industrial cooperation including co-development, co-production and setting up of joint ventures.
How are the trade relations between India and Italy?
Italy is India’s fourth largest European trading partner and the 12th largest foreign investor in the country with FDI reaching the US$2 billion mark in 2020.
The bilateral trade between India and Italy, has reached around US$ 16 Billion in 2022.
Over 600 Italian companies are present in India, and Italy has previously identified India amongst its top five priority countries for business.
India’s primary exports to Italy comprise metals such as iron and steel, leather, chemicals, gems, and jewellery.
The relationship between India and Italy was elevated to strategic partnership in March 2023 during the visit of the Italian Prime Minister to India.
In 2021, India and Italy inked a Strategic Partnership on Energy Transition to advance collaboration on areas like green hydrogen and bio-fuels and Italy also joined the successful India-France led International Solar Alliance comprising over 90 members.
