(Adnkronos) – The European Union and India’s historic free trade accord “is excellent news” for Italian companies in a raft of sectors, Italy’s foreign minister, Antonio Tajani said on Tuesday.
“The signing of the free trade agreement between the EU and India is excellent news for Italian businesses,” Tajani wrote on X (formerly Twitter).
“The new EU-India agreement will open up new opportunities and bring tangible benefits to many Italian export sectors: from machinery to pharmaceuticals and high-quality agri-food products,” Tajani wrote.
India is one of the most important countries in Italy’s plan of action for Italian exports to non-EU markets, Tajani noted.
Tuesday’s agreement “also strengthens Europe’s role, bringing it closer to its citizens and businesses, boosting growth, shared rules and greater opportunities for our exports,” Tajani added.
The accord is expected to double EU exports to India by 2032 by removing or cutting tariffs on 96.6% of traded goods by value and will save EU companies 4 billion dollars in duties, the bloc said.
The deal will slash duties on most goods, aiming to bolster two‑way trade and reduce dependence on the United States amid growing global trade tensions over tariffs, counter-tariffs or their threatened application.
Tajani also hailed the inking earlier in January of the free trade accord between the EU and four Mercosur countries (Argentina, Brazil, Paraguay and Uruguay), signed after 25 years of negotiations.
“The signing of the Mercosur agreement and the deal signed with India really allow us to look to the future with optimism,” Tajani underlined.
Tajani was addressing an event in Rome on Wednesday to unveil the calendar of events the government is planning this year to promote Italian exports globally.
“The EU trade accords with India and Mercosur will enable the bloc to hit the targets we have set ourselves of 700 billion of exports in value terms by end-2027,” Tajani stated.
