Virtual Summit between India and Italy held

Virtual Summit between India and Italy held

Part of: GS Prelims and GS-II – International Relations

In news

• A Virtual Bilateral Summit between Indian Prime Minister and Italian Prime Minister was held recently. 

Key takeaways 

• The rapid growth in India-Italy relationship in recent past was appreciated.
• On regional and international issues, both sides agreed to coordinate closely at multilateral fora especially G-20. 
• Italy will assume the Presidency of G-20 in December 2021 followed by India in 2022. 
• Together, India and Italy will be part of the G20 Troika from December 2020.
• India welcomed Italy’s decision to join ISA as soon as the ratification process is completed.
• 15 MoUs/Agreements in various sectors such as energy, fisheries, ship building, design etc. were signed coinciding with the Summit.
• Both countries are keen to firmly put behind the 2012 killing of two Indian crew members of a fishing boat off the coast of Kerala by Italian marines 

Do you know? 

• Italy is currently India’s fifth largest trading partner in the EU. 
• Bilateral trade was worth 9.52 billion Euros in 2019. 
• India ranks 16th as country of origin for Italian imports.