India-Italy Trade Ties: Miles to Go, Says Commerce Minister

Commerce Minister Piyush Goyal on Thursday raised concerns over the current trade relationship between India and Italy, describing it as having 'miles to go'. Addressing the India-Italy Plenary Session of the Business Forum alongside Italy's Deputy Prime Minister Antonio Tajani, Goyal questioned whether the existing trade volume reflects the vast potential for growth between the two nations.

Goyal remarked that the bilateral trade, recorded at Euro 14.34 billion in 2023, is suboptimal. Indian exports to Italy decreased by 8.86% from 2022, while Italian imports to India rose by 7.69%. He also noted the consistent trade surplus favoring India since 1988. Goyal urged for expansion in trade, investments, technology, and tourism.

Highlighting tourism as a significant opportunity, Goyal invited Italians to explore India's rich cultural heritage. He advocated cinema-driven tourism, citing how Indian films promote Italian destinations. Furthermore, Goyal expressed optimism about the nearing India-EU Free Trade Agreement, emphasizing recent progress in Paris and aiming for completion by 2025.

(With inputs from agencies.)