UK and Italy sign historic trade agreement to grow economies and exports

Business
Feb 09 2023 03:33 PM
ANIKET DIXIT

UK and Italy sign historic trade agreement to grow economies and exports

UK: An agreement between the UK and Italy aims to increase trade, spur economic expansion, raise wages, create jobs and boost exports.

The collaboration, the first of its kind between the UK and any EU nation, aims to increase exports across a range of industries and encourage foreign investment in low-carbon sectors such as offshore wind and carbon capture storage.

Deputy Prime Minister Antonio Tajani, Italy's Minister of Foreign Affairs and International Cooperation, and Trade and Business Secretary Kemi Badenoch MP signed the UK-Italy Export and Investment Promotion Dialogue in Rome on 8 February.

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According to a press release from the UK's Department for International Trade, it "reinforces the UK's position as an important trading partner within Europe and the G7, as a free trading nation with access to wider trade deals with new markets" showcases the country's potential," while strengthening its partnership with EU member states."

UK Business and Trade Secretary, Kemi Badenoch, said: "This partnership marks a turning point in the UK's trading relationship with Europe and shows how an independent UK can benefit from forging ambitious trade agreements with the world." while also strengthening our already strong and prosperous business relationships with EU members such as Italy.

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This partnership will facilitate valuable investment, increase trade, and, most importantly, boost UK exports as we work towards our goal of selling $1 trillion worth of goods and services annually to the rest of the world by the end of the decade.

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Italy is the UK's 11th largest trading partner, with trade between the two countries in excess of £43 billion and both the UK and Italy ranking in the top 10 economies of the world. Italy ranked as the sixth largest global source of UK foreign direct investment (FDI) projects in 2020-21.