Our goal is to achieve annual bilateral trade volume of 20 billion euros by 2029: Italy's Deputy PM Tajani

Speaking at the Italy-India Business Forum in Mumbai, Tajani said, "We are working very well from the beginning on our friendship as there is a common goal... Trade is crucial for our economy... As Prime Minister Modi and Prime Minister Meloni underlined during the meeting, our goal is to achieve an annual bilateral trade volume of 20 billion euros by 2029. This is an achievable goal. My trip to India is a part of this goal... We want to import more from India.

He added that Italy wants to import more goods from India as part of a balanced partnership."We are working hard for reasonable solutions on tariffs," he said, noting that as an EU member, Italy will work to support India's economic growth along with its own.

"As a member of the European Union, we will work towards achieving the goal of supporting your economy and our own..." he said.

Tajani also stressed the need for peace in key global regions to safeguard economic growth, saying, "In the Mediterranean, Red Sea and Indo-Pacific region, we need to work for peace and stability... Peace is essential for strengthening trade relations..."

He added that Italy sees the India-Middle East-Europe Economic Corridor as a vital initiative. "We are paving the way for a strong action in favour of trade, infrastructure. The India-Middle East-Europe Economic Corridor is very important for peace... My idea is to fast-track the process between India and Italy for paving the way for a global agreement with the Middle East, Gulf Countries, Egypt and other countries to work together for pushing hard in this direction," he said.

Later, India and Italy also signed the protocol of the India-Italy Joint Commission for Economic Cooperation (JCEC), outlining a roadmap for expanding their economic partnership. Commerce and Industry Minister Piyush Goyal and Antonio Tajani signed the protocol.

Sharing the development on X, Goyal wrote, "We also witnessed the signing of industry agreements across various sectors between both sides. At our joint address to the press, I reiterated the significance of deepening India-Italy cooperation by expanding trade, boosting investments, enhancing industrial collaborations, and leveraging the broader India-EU engagement to unlock new opportunities."

The Italy-India Business Forum, held in Mumbai on December 11, marked Tajani's third major business-focused engagement with India in the past eight months. Goyal said the repeated interactions reflect the "strong bond" between the two nations.

The minister added that India is committed to advancing talks on the India-EU Free Trade Agreement. "Together we will work to make sure that the India-Italy relationship will become the defining relationship of 21st century. India is committed towards the FTA... It will be a fair, equitable and balanced Free Trade Agreement. It will be a win-win for EU and India, and we should be able to get this over the finishing line," he said.

Tajani highlighted Italy's ambition to expand its global export footprint, saying India is central to that plan. "I see strong potential in India. Italy aims for 700 billion euros in exports by 2027, and India is a key partner. Many Italian companies are active in India and sectors like sports, automotive industry offer further opportunities. We want to invest more in India, increase our exports, and welcome Indian investments in Italy," he said.

He noted that Italy sees major opportunities in sectors such as defence, pharma, space, automotive and cultural industries. "We want to invest in your (India) country, export more to India along with increased investments. We also want to become part of Indian innovation strategy. Innovation for industries is fundamental. We are proud of our strategic partnership and want to support our diplomacy for growth," he added. (ANI)