India and Italy on Thursday signed the protocol of the India–Italy Joint Commission for Economic Cooperation (JCEC), laying out a roadmap to strengthen their economic partnership.
The protocol was signed by Commerce and Industry Minister Piyush Goyal and Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani.
In a post on X, Goyal said 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.
The India-Italy Business Forum was held in Mumbai on December 11 during Tajani’s visit. Addressing the forum, Goyal noted that this was the third major business engagement between the two countries in eight months, reflecting the growing strength of the partnership.
He said both sides are working to advance the India–EU Free Trade Agreement 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.
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 noted interest from Indian companies in R&D, technology, sports goods, defence, space, agriculture and food processing.
He also highlighted India’s growing focus on sports, pointing out that the country will 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 stressed the need for closer cooperation in innovation, research and education. He said Italy aims to reach 700 billion euros in exports by 2027, and called India a key partner in that effort.
Tajani said many Italian companies are already active in India, and sectors such as sports, the automotive industry, defence, pharmaceuticals, space and culture offer further opportunities. He added that Italy wants to increase investments in India, expand exports and welcome more Indian investment into Italy.
He said Italy also hopes to participate more closely in India’s innovation ecosystem, describing innovation as essential for industrial growth. Tajani said the two nations share a strong strategic partnership and expressed support for expanding economic diplomacy between them. (ANI)
