India-Italy bilateral Summit: PM Modi, Italian PM to hold Virtual Bilateral Summit today
Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte will hold a Virtual Bilateral Summit today, November 6, 2020.
Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte will hold a Virtual Bilateral Summit today, November 6, 2020. The Summit will give an opportunity to the two leaders to comprehensively review the broad framework of the bilateral relationship and exchange views on major regional and global issues of mutual concern.
There are reports that several Government-to-Government and Private Sector agreements or MoUs are under finalization and will be concluded on this occasion.
External Affairs Ministry said in a statement, "India-Italy relations are marked by regular high-level exchanges which saw incoming visits by Italian prime ministers in 2017 and 2018." India views Italy as an important member of the European Union (EU) and values its positive contribution in furthering India-EU ties, it added.
India and Italy share a warm and multifaceted relationship based on strong historical ties, common democratic traditions, rule of law and a shared goal of international peace and stability. Italy is India's 5th largest trading partner in the EU, after Germany, Belgium, UK and France. Bilateral trade stood at 9.52 billion Euros in 2019.
Around 600 large Italian companies are active in India, covering varied sectors such as fashion and garments, textiles and textile machinery, automotive components, infrastructure, chemicals, energy confectionery and insurance. Several Indian companies are also active in Italy.