Seek to expand bilateral trade to €20 billion by 2029
Rome: India and Italy on Wednesday upgraded their ties to special strategic partnership and reaffirmed the shared objective of expanding bilateral trade to Euro 20 billion by 2029 as Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni held wide-ranging talks to expand bilateral relations in the face of increasing geopolitical upheavals.
The two leaders expressed “deep concern” over the situation in the West and its effects in the region as well as the rest of the world, while underlining the importance of de-escalation, dialogue and diplomacy for a lasting peace in the region.
They also called for freedom of navigation and the resumption of shipping through the Strait of Hormuz.
Modi landed in Rome on Tuesday in the fourth and final leg of his European tour that was aimed at exploring ways to shore up cooperation in a range of areas, including defence and security, trade and investment, critical technologies and energy.
In their talks, Modi and Meloni agreed to leverage the opportunities from the India-EU Free Trade Agreement (FTA) that was firmed up in January and called for its early implementation.
“I am delighted that we are upgrading our relations to a special strategic partnership,” Modi said in his media statement.
“The India-Italy Joint Strategic Action Plan 2025-29 provides a practical and futuristic framework for our partnership. We are progressing on it in a timely manner. Through our joint efforts, bilateral trade is rapidly moving towards the target of 20 billion euros,” he said.
The India and Italy bilateral trade volume in 2025 was around Euro 14.25 billion.
In her comments, Meloni underlined the importance of having freedom of navigation in the Indo-Pacific, a region that has witnessed growing Chinese military muscle-flexing.
The Italian Prime Minister also made a mention of the elevation of India-Italy ties to special strategic partnership from the existing strategic partnership and said the relationship is now capable of “realising its fullest potential”.
In a significant move, the two sides also agreed to establish a foreign ministers-led mechanism to review Joint Strategic Action Plan and provide strategic guidance to the special strategic partnership.
Both Modi and Meloni agreed to further expand collaboration in trade and investment, defence and security, science and technology, research and innovation, space, energy, AI and critical technologies, education, culture and people-to-people ties, according to the Ministry of External Affairs (MEA).
“Technology and innovation are the engines of our partnership. There is immense potential for our cooperation in areas like AI, quantum, space and civil nuclear energy,” Modi said.
“We are working on the India-Italy Innovation Centre to connect the startups, research centres, and industries of both countries.”
The Prime Minister said close cooperation between the two countries in the defence and security sector is a symbol of “deep mutual trust”.
“Cooperation is increasing between the defence industries of both countries as well as between our militaries. Our defence industrial roadmap has paved the way for co-development and co-production,” he said.
The two prime ministers welcomed the adoption of a Joint Declaration of Intent and a Defence Industrial Roadmap, which will promote partnerships for technological cooperation, co-production and co-development projects, including helicopters, naval platforms, marine armament and electronic warfare.
Both sides also agreed to launch a Dialogue on Maritime Security, with the aim of increasing maritime security cooperation, coordination, and the exchange of information and best practices in the maritime domain.
In his comments, Modi said both sides will work together on shipping, port modernisation, logistics, and the blue economy.
“We also discussed expanding our win-win partnership to third countries. Moving forward in this direction, we agreed to work on concrete projects in Africa.”
The Prime Minister also asserted that India and Italy are unanimous that terrorism poses a serious challenge to humanity and that the joint initiative between the two sides against terror financing has set an important example for the entire world.
