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India and Italy have agreed to improve bilateral trade flows as a common goal for mutual benefit and mutual reinforcement of political links. This is indicated in the agreed minutes of the 16th Session of the India-Italy Joint Commission for Economic Cooperation which was signed here by Shri Kamal Nath, Minister of Commerce & Industry, on behalf of Government of India and Mr. Antonio Marzano, Minister for Production Activities, on behalf of the Government of Italy. Although the two-way trade between India and Italy increased to US $ 2.77 billion during 2003-04, both sides have noted that the level of trade is far below its true potential. Indo-Italian trade could be doubled to US $ 5 billion within the next 2 to 3 years, Shri Kamal Nath had said at the inaugural meeting of the Joint Commission and the interactive business session held on 7th January.
In another significant move in the context of the phase-out of the multi-fibre arrangement (MFA), India and Italy have agreed to explore enhanced cooperation in textile clusters and in the field of textile design through the National institute of Fashion Technology (NIFT). Both sides expressed the hope that the transition from quota to the non-quota regime in textiles “will be smooth and would not cause disruptions so as to affect current flows, without any negative repercussions especially on developing and the least developed countries”. Both sides will also explore possibilities for cooperation in leather, gems & jewellery, food processing industry, tourism, energy, financial services and information technology and scientific research.
In response to Shri Kamal Nath’s raising the issue of problems faced by Indian marine products exporters in Italy in the recent past, both sides have agreed to expedite signing of the Memorandum of Understanding in the sector of aquaculture and fishing products during the state visit to India of the President of Italy, Mr. Carlo Azeglio Ciampi so as to facilitate cooperation in the marine sector. Further, a bilateral Task Force will be set up for the development of industrial clusters and to foster cooperation between the small & medium enterprises (SMEs) of both the countries.
India has invited Italy to participate in infrastructure projects in roads, ports and Special Economic Zones (SEZs). Both sides have also agreed to continue consultations to improve facilities for business entry visas to Italy.
The two sides expressed the hope that the visit of the Italian President to India in February 2005 would represent a milestone in bilateral relations.
The next meeting of the India-Italy Joint Commission would be held in Italy sometime next year.
SB/MRS
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