The UK and Italy have agreed a momentous trade partnership to boost UK exports, help create jobs, increase wages and grow the economy.
On her first overseas visit as the Business and Trade Secretary, Kemi Badenoch MP and Italy’s Minister for Foreign Affairs and International Cooperation and Deputy Prime Minister Antonio Tajani met in Rome today to sign the UK-Italy Export and Investment Promotion Dialogue – the first agreed between the UK and any EU country.
The partnership aims to strengthen exports in high-performing and growth sectors of the future, such as Life Sciences and Digital and Tech, as well as promoting inward investment, including low-carbon industries such as Offshore Wind and Carbon Capture Storage.
The agreement reinforces the UK’s position as a vital trade partner within Europe and the G7. It demonstrates how we can use our position as an independent trading nation to agree comprehensive trade deals with new markets, while also strengthening partnerships with EU members.
Business and Trade Secretary Kemi Badenoch MP said:
“This partnership marks a significant milestone in the UK’s trading relationship with Europe and shows how an independent UK can benefit from striking ambitious trade deals with the world, while also reinforcing our already strong and prosperous trading relationship with EU members such as Italy.
“This partnership will boost trade and investment between British and Italian businesses, ease the path for valuable investment, and will crucially grow UK exports as we aim for our target of selling £1 trillion of goods and services a year to the world by the end of the decade.”
Both the UK and Italy are in the top 10 global economies. Trade between the UK and Italy is worth more than £43 billion, making it the UK’s 11th largest trading partner.
The most popular UK exports to Italy include cars, worth £932.5 million and equivalent to 10.1% of all UK goods exported to Italy, and £507.7 million worth of mechanical power generators.
In 2020-21, Italy was also the 6th largest source of UK Foreign Direct Investment (FDI) projects globally.
During her visit, the Business and Trade Secretary will co-chair the first UK and Italy CEO Forum, alongside the Minister for Enterprises and Made in Italy Adolfo Urso. The meeting is the first of its kind and she will discuss her top trade priorities which include breaking down trade barriers, making the UK the undisputed top investment destination in Europe and attracting new investment helping to level-up the country.
She will also meet with the heads of major Italian investors in the UK including innovative wind turbine business ACT Blade, and Eni, world leading energy company.
Badenoch will also make the opening remarks at the 30th anniversary of the Pontignano Forum where she will discuss the importance of economic security and trade in turbulent times
