India, Italy stress development of bilateral economic relations

indo-italyIndia and Italy reiterated the importance of the Joint Commission for Economic Cooperation (JCEC) towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest. The 19th Session of the India-Italy Joint Commission for Economic Cooperation was held on May 11-12 in Rome. The Joint Commission was co-chaired by the Minister of Economic Development Carlo Calenda from the Italian side and by the Minister of Commerce and Industry Nirmala Sitharaman from the Indian side.

During the discussions, both sides reiterated the importance of the JCEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest. India’s bilateral trade with Italy during 2014-15, 2015-16 and 2016-17 was USD 9.32 billion, USD 8.28 billion and USD 8.80 billion respectively. Bilateral trade during the last three years has remained stable despite global slowdown. Besides the JCEC, Sitharaman also had bilateral meetings with Italian Prime Minister Paolo Gentiloni and Carlo Calenda, Italy’s Minister for Economic Development.

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