UK and Italy hope to boost exports and investment.
Italy is the world’s eighth-largest economy. It is hoped the boosting trade between the UK and Italy could be advantageous for both countries. Trade between the countries was worth a staggering £38bn last year.
Anne-Marie Trevelyan announced the new discussions at her first international summit since taking on the role of International Trade Secretary.
According to the government: “The dialogue is intended to boost exports for companies in both countries including in high-performing sectors like life sciences, defence and security, as well as growth sectors of the future such as digital and tech.
“It will also promote inward investment, including in low-carbon industries such as onshore and offshore wind, hydrogen, and carbon capture storage, plus the food and drink industry and tech sector – where UK’s research and development strengths can help support Italian scale-ups.”
Trevelyan commented: “Enhancing our bilateral relationship with Italy is a win-win, which will boost export opportunities and investment promotion for our businesses.
“Italy is our ninth-largest trading partner, while the UK is Italy’s fifth-largest export market – I am delighted we are kicking off this discussion.
“The UK and Italy are also working side-by-side to deliver a successful COP26 Summit. The next 18 months are critical for our planet and together we will lead by example to accelerate progress towards a green, resilient and inclusive recovery.”
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