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Commerce and Industry Minister Piyush Goyal on Thursday addressed the India-Italy Business Forum plenary session in Mumbai along with Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy.
Goyal said India is "leaving no stone unturned for a fair, equitable, and balanced India-EU FTA," noting that the partnership with Italy will play a key role in shaping the negotiations. India's efforts toward a fair and balanced India-EU Free Trade Agreement (FTA) formed the centre of the discussions. The minister added that both sides are working on a "pragmatic roadmap" to expand trade, boost investments, and strengthen business ties as talks with the European Union continue. He highlighted that Indian businesses are keen to work with Italy in research and development, technology and innovation, sports, defence, space, textiles, agriculture, and food processing. Goyal explained that the two nations are also pushing for faster progress on the India-Middle East-Europe Economic Corridor (IMEC), calling it essential for long-term connectivity and economic gains. During the session, Goyal reflected on the cultural and traditional ties between the two countries. He described how these ties have shaped mutual goodwill and growing people-to-people exchanges. Tajani also spoke about Italy's rich civilizational heritage and the recognition it now receives globally, including the appreciation of Indian festivals such as Diwali. Goyal noted that business relations between India and Italy have already attracted "significant investment." Still, he believes the "best potential lies in technology, innovation, startups, and aerospace," areas where the two countries complement each other. He urged companies on both sides to look closely at opportunities arising from India's 1.4 billion-strong market and Italy's access to the wider European Union. The minister referred to the Joint Declaration 2025-29, under which India and Italy have committed to promoting business cooperation, technological collaboration, and investment. Goyal added that both countries are exploring collaboration in four priority sectors: automobiles, including electric vehicles; waste-to-energy; renewable technologies; and precision engineering. He said joint ventures can open doors to the larger EU market while creating jobs and economic opportunities in both nations. Calling it a "very sustaining win-win solution," he stressed the need for innovators from India and Italy to work together. With the India-EU FTA negotiations underway, he said cooperation with Italy will be crucial in unlocking future opportunities. (ANI)
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