Department for International Trade
UK and Italy announce new dialogue to boost exports and investment
The International Trade Secretary announces the start of discussions on a new export and investment partnership between UK and Italy aimed at boosting trade between the two countries.
- New Export & Investment dialogue aimed at boosting exports for UK companies
- International Trade Secretary has met with Italian Minister of Foreign Affairs and International Cooperation following the G20 meeting in Sorrento
- Italy is the world’s eighth-largest economy and trade between our countries was worth £38bn last year
The International Trade Secretary has announced the start of discussions on a new export and investment partnership between UK and Italy aimed at boosting trade between the two countries.
Anne-Marie Trevelyan made the announcement alongside Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio in Sorrento during a trip to Italy for the G20, her first international summit since taking the role.
The dialogue is intended to boost exports for companies in both countries including in high-performing sectors like life sciences, defence and security, as well as growth sectors of the future such as digital and tech.
It will also promote inward investment, including in low-carbon industries such as onshore and offshore wind, hydrogen, and carbon capture storage, plus the food and drink industry and tech sector – where UK’s research and development strengths can help support Italian scale-ups.
The talks will also seek opportunities for greater collaboration and sharing of best practice between the two countries’ export credit organisations – UK Export Finance and the Italian Export Credit Agency – helping SMEs and companies looking to grow.
International Trade Secretary Anne-Marie Trevelyan said:
Enhancing our bilateral relationship with Italy is a win-win, which will boost export opportunities and investment promotion for our businesses.
Italy is our ninth-largest trading partner, while the UK is Italy’s fifth-largest export market - I am delighted we are kicking off this discussion.
The UK and Italy are also working side-by-side to deliver a successful COP26 Summit. The next 18 months are critical for our planet and together we will lead by example to accelerate progress towards a green, resilient and inclusive recovery.
The dialogue is expected to lead to annual ministerial talks and new fora for more regular engagement between both Governments, as well as innovative commercial partnerships and stronger ties between UK and Italian CEOs.
Trade between the UK and Italy was worth more than £34 billion last year. Some of the most popular British products exported to Italy last year included cars worth £829 million– equivalent to 10% of all UK goods exported to Italy - and £383 million worth of medicinal and pharmaceutical products.
British consumers were able to buy £1.2 billion worth of Italian clothing last year and we imported £860 million worth of beverages and over £641 million worth of fruit and vegetables.
The meeting with Italy followed the G20 trade ministers’ summit in Sorrento yesterday. Anne-Marie Trevelyan met with key partners, including India, Singapore and Canada to discuss the global trading system ahead of the twelfth WTO Ministerial Conference (MC12) next month.
The UK is pushing to end environmentally wasteful trading practices and will use our new independent seat at the WTO to champion the cause of green trade on the global stage.
Latest News from
Department for International Trade
Prime Minister's Ten Point Plan kickstarts green investment boom15/10/2021 11:24:00
More than £5.8 billion of foreign investment in green projects has been secured since the launch of the Prime Minister’s Ten Point Plan.
Trevelyan welcomes new £1bn investment partnership15/10/2021 10:20:00
UK and Australia Trade Ministers welcome new partnership between Transport for London and global communications infrastructure company BAI Communications.
WTO Trade Policy Review of the Republic of Korea: UK Statement14/10/2021 12:17:00
The UK's Ambassador to the WTO and UN in Geneva, Simon Manley, delivered this statement at the WTO Trade Policy Review of the Republic of Korea on 13 October 2021.
Speakers and new sponsor revealed for Global Investment Summit12/10/2021 12:10:00
Speakers to include leaders from industry and academia, with consulting firm Accenture joining Barclays as sponsor for the Summit.
Scottish business to be showcased at Global Investment Summit11/10/2021 12:10:00
Renewable energy company Orbital Marine Power will be among twelve green businesses displayed at the Summit on October 19.
UK prepares for trade deal with Gulf Cooperation Council08/10/2021 15:10:00
A fourteen-week consultation to seek views on a trade deal with the Gulf Cooperation Council begins.
UK showcases green dozen at Global Investment Summit07/10/2021 12:10:00
The Government reveals the 12 businesses from across the UK who will showcase their green technology and innovations at the Global Investment Summit.
WIPO General Assemblies: Statement on Behalf of Group B Countries04/10/2021 12:14:00
The UK's Ambassador to the WTO and UN in Geneva, Simon Manley, delivered this statement during the Assemblies of the Member States of the World Intellectual Property Organization (WIPO) on behalf of Group B countries.