Italy-India Business Forum: Piyush Goyal, Antonio Tajani vow to fast-track EU-India FTA

India and Italy on Thursday hailed the rapid deepening of their strategic and trade partnership between the two countries, with both countries hailing the fastest-growing bilateral relationship between New Delhi and Rome. Praising Italy’s Deputy Prime Minister and Foreign Minister Antonio Tajani as a “pillar” of the India–Italy partnership, Union Commerce Minister Piyush Goyal said both countries are committed to pushing the long-pending EU–India Free Trade Agreement across the finish line and expanding cooperation from manufacturing and innovation to sports and the automotive sector.

Goyal, while speaking at the Italy-India business forum, said he is happy that this is the third engagement between India and Italy officials in eight months, “something unmatched in my six years as Commerce Minister”. “I don’t think, in over six years, we have had this level of depth and strength with any other country. In fact, if we continue on this path, we may well create international history.”

Italy Deputy PM and Foreign Affairs Minister, Antonio Tajani, said Indian and Italian companies already cooperate in many sectors, but there is room to do much more, especially in innovation, research and education, he said.

Goyal said Tajani is one of the finest proponents and practitioners of free trade, and a pillar of the India–Italy strategic and trade relationship. “It has been wonderful working with you: whether in strengthening the strategic partnership between India and Italy, or in pushing the EU–India Free Trade Agreement towards the finishing line; whether in co-designing, co-manufacturing, and co-creating business opportunities; or in promoting investments between our two countries.” 

Tajani said India and Italy face similar challenges when one talks about innovation and education. “If we want to compete at the global level, we must work harder, forge joint ventures, and build deeper collaboration.”

Saying that the Indian market is dynamic and full of opportunity, Tajani said he believes strongly in India. “In our action plan for trade, our goal is to reach €270 billion in exports by the end of 2027. Italian exports are performing very well, we are now number four in the world, and we want to work even more closely with India.” 

He said India and Italy are also cooperating in the area of sports. “Just yesterday, the President of an Italian body signed an agreement with the President of the Indian Olympic Committee to strengthen cooperation in sports. This is also an industry where we can do much more together.”

He said the automotive sector also offers a big opportunity. “This is important because we want to invest in your country, we want to export more to India, and we also want Indian investments in Italy. Mutual investment is essential for us.”

In March this year, India and Italy unveiled a five-year strategic action plan (2025-29) to deepen ties across 10 key sectors, including defence, trade, clean energy, and connectivity. India and Italy aim to increase bilateral trade and investment in high-potential sectors such as transportation, agriculture, chemicals, pharmaceuticals, green technologies, and sustainable mobility.

The bilateral trade between India and Italy totalled an all-time high of €14.28 billion in 2022-23, trade data from the Indian Embassy in Rome revealed. India’s exports to Italy have surged by 60.5% year-on-year to €10.06 billion, while imports from Italy grew 24.23% to €4.82 billion, resulting in a trade surplus of €5.24 billion in India’s favour — a trend ongoing since 1988.