Described by Business and Trade Secretary Kemi Badenoch as “momentous”, the UK and Italy have signed up to an export and investment partnership; the first such agreement with any EU country.
The partnership aims to strengthen exports in high-performing and growth sectors of the future, she explained, such as life sciences and digital and tech, as well as promoting inward investment, including low-carbon industries such as offshore wind and carbon capture storage (CCS).
“This partnership marks a significant milestone in the UK’s trading relationship with Europe,” Ms Badenoch said, “and shows how an independent UK can benefit from striking ambitious trade deals with the world, while also reinforcing our already strong and prosperous trading relationship with EU members such as Italy.”
More details of the partnership can be found HERE.
Trade between the UK and Italy (both in the top 10 global economies) is worth more than £43 billion, making it the UK’s 11th largest trading partner.
The most popular UK exports to Italy include cars, worth £932.5 million and equivalent to 10.1% of all UK goods exported to Italy, and £507.7 million worth of mechanical power generators.
The Business and Trade Secretary has recently co-chaired the first UK and Italy CEO Forum where she was able to discuss her top trade priorities which include breaking down trade barriers, making the UK the undisputed top investment destination in Europe and attracting new investment helping to level-up the country.
