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30 October 2018
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| India and Italy (The Total Investment & Insurance Solutions) |
India and Italy on Tuesday agreed to
fast-track bilateral trade and investments and set up a bilateral industrial
development and cooperation mechanism at a meeting between Prime Minister
Narendra Modi and his Italian counterpart Guiseppe Conte here.
"In order to give an impetus to enhanced
economic cooperation between India and Italy, it was decided to set up a CEO
Forum guided by a Joint Commission on Economic Cooperation (JCEC)," Modi
tweeted following the meeting.
"To increase two-way investments, we
have decided to create a fast-track mechanism," he said.
The Indian Prime Minister said both sides
have decided to boost ties in key sectors such as lifestyle accessories design,
transportation and automobile design, energy, and life sciences.
According to a joint statement issued
following the meeting, both sides agreed on the need for an institutional
framework for a sustained dialogue to enhance the environment for ease of doing
business in their countries and further facilitate and promote bilateral
economic cooperation.
"To take this forward, the leaders tasked
the JCEC to work towards constituting a CEO Forum and setting up a fast-track
mechanism to promote two-way investments, and resolve issues, if any,
confronted by the businesses in each other's country," the statement said.
India is Italy's fifth largest trading
partner in the European Union while Italy is the fifth largest investor in
India. The India-Italy trade stood at $10.5 billion in 2017-18, up from $8.8
billion in the previous fiscal.
Conte, who assumed office in June, arrived
here earlier on Monday to take part in the India-Italy Technology Summit
organised by industry chamber CII in collaboration with India's Department of
Science and Technology (DST) and the Italian government. Lauding Italy's rich
tradition of scientific research and its reputation in manufacturing during the
course of his valedictory address at the summit, Modi said the two sides can
cooperate in devising technological solutions for industry.
"We have also decided to set up various
Indo-Italian Centres of Excellence. Business and industry of both countries are
already cooperating in bringing cutting edge technology in various sectors and
can cooperate fruitfully in areas like renewable energy, neurosciences and
IT," he said.
In his address, the Italian Premier said
Italy's participation as partner country in this edition of DST's Technology
Summit has a special symbolism coming on the 70th anniversary of diplomatic
relations between Italy and India.
"Innovation can be a catalyst for more
inclusive growth and globalisation should not leave anyone behind," Conte
said. "The common goal of our two governments is to be strategic partners
in innovation," he said, adding the whole gamut of bilateral relations had
been reviewed in his talks with Modi.
According to the joint statement, Modi and
Conte expressed their commitment to strengthening the 10/30/2018 India, Italy
to fast-track trade, two-way investments India-EU economic partnership and
noted the ongoing efforts of both sides to reengage actively towards an early
resumption of negotiations for a comprehensive, balanced and mutually
beneficial India-EU Broad Based Trade and Investment Agreement (BTIA).
Negotiations for the BTIA started in 2007 but
were put on hold in 2015. In all, 16 rounds of negotiations have been held.
After India renounced its bilateral investment treaties (BITs) with all
countries, investments from European nations are now not protected.
India has terminated all BITs following a new
BIT model New Delhi released in December 2015. The 28 EU member-states have now
passed on the responsibility of investment protection negotiations to the EU.
Both sides also recognised the need to broad-base defence ties.
"India invited Italian defence equipment
manufacturing companies to invest in India under the Make in India initiative
and to collaborate with Indian companies for design and construction of defence
equipment," the statement said.
This assumes significance given that India
cancelled the contract with Italian firm Finmeccanica's British subsidiary
AgustaWestland for supplying 12 AW-101 VVIP choppers to the Indian Air Force,
over alleged breach of contractual obligations and on charges of paying
kickbacks amounting to Rs 423 crore. During their meeting, Modi and Conte also
agreed to strengthen counter-terrorism cooperation through multilateral fora. "The
leaders asserted that strong measures need to be taken against terrorists,
terror organisations and all those who encourage, support and finance
terrorism," the joint statement said.
"They condemned all kinds of state
support to terrorists including cross border terrorism and providing safe
havens to terrorists and their network," it stated in what can be seen as
a veiled reference to Pakistan. The
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