The UK and Italy have started discussions on a new export and investment partnership aimed at boosting trade between the two countries, the International Trade Secretary announced. Italy is the world’s eighth-largest economy and trade between Rome and London was worth £38 billion last year. Speaking alongside Italian minister of foreign affairs and international cooperation Luigi Di Maio in Sorrento, Italy, Anne-Marie Trevelyan said: “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.” The two ministers met after a G20 meeting in Sorrento. For Ms Trevelyan, it was the first international summit since taking the role at the end of September and this announcement will be seen as one of her first post-Brexit trade victories.
The talks will seek to boost exports for companies in both countries, including in high-performing sectors such as life sciences, defence and security, as well as growth sectors of the future such as digital and tech. They will also aim to 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 the UK’s research and development strengths can help support Italian scale-ups. London and Rome will also try to boost collaboration and sharing of best practice between the two countries’ export credit organisations – UK Export Finance and the Italian Export Credit Agency – helping SMEs and companies looking to grow.