The UK and Italy have today 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,
and Italy’s Minister for
Foreign Affairs and International Cooperation and Deputy Prime
Minister 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 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 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.
