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India, Italy Sign Joint Commission Pact for Economic Cooperation
- India and Italy sign the JCEC protocol, outlining a strengthened roadmap for trade, investment, industrial linkages and deeper economic cooperation.
- Piyush Goyal and Antonio Tajani highlight expanding bilateral opportunities, advancing the India-EU FTA and boosting collaboration in sectors like auto components, textiles, defence, space and innovation.
- Both nations commit to elevating their strategic partnership, with Italy targeting higher exports and increased investments in India as part of its broader push toward industrial and innovation-driven growth.
The protocol of the India-Italy Joint Commission for Economic Cooperation (JCEC) was inked by India and Italy to lay out the plan of action that will add substantial substance to the economic partnership between the two nations. The Commerce and Industry Minister Piyush Goyal and Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani signed the protocol.
In a tweet on X, Goyal added that the two sides also witnessed the signing of several industry agreements across sectors. He said he underlined the need to deepen India-Italy cooperation by expanding trade, increasing investments, strengthening industrial linkages and leveraging the broader India-EU engagement to open new opportunities.
A business forum-India-Italy Business Forum was organized in Mumbai during Tajani's visit. Addressing the forum, Goyal said that this was the third major business engagement between India and Italy in eight months-a reflection of the growing strength of the partnership.
He said both sides are working to advance the India-EU FTA and create new avenues for business and investment. “Together we will work to ensure that the India-Italy relationship becomes one of the defining partnerships of the 21st century”, he said, adding that India remains committed to a fair, equitable and balanced FTA.
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Goyal said India and Italy are taking forward the Italy-India Joint Strategic Action Plan in key areas such as trade, investment, research, innovation and people-to-people ties. He identified auto components, textiles and leather goods as sectors where industries from both countries can collaborate, and there is interest from Indian companies in R&D, technology, sports goods, defence, space, agriculture and food processing.
He also made a point of growing India's focus on sports, underlining that the country is going to host the 2030 Commonwealth Games and is preparing a bid for the 2036 Olympics. Speaking at the forum, Antonio Tajani said Italy sees strong potential in India and therefore, there is a need for closer cooperation in the field of innovation, research, and education. He said Italy was targeting the export of 700 billion euros by the year 2027, adding that India is one of the key partners in this respect.
Many Italian companies are already active in India, said Tajani, and sectors such as sports, automotive industry, defence, pharmaceuticals, space, and culture open further opportunities. He stated that Italy wants to increase its investments in India, widen its exports, and welcome more and more Indian investment into Italy. He said Italy also aspires to participate more closely in the innovation ecosystem of India, adding that innovation is basic and essential for industrial growth. Tajani said the two nations enjoy a strong strategic partnership and expressed support for expanding economic diplomacy between them.
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