UK Signs Landmark Deal With Italy To Boost Trade - Trade Ministry

UK Signs Landmark Deal With Italy to Boost Trade - Trade Ministry

The United Kingdom and Italy have signed an agreement to boost their export and investment partnership, marking London's first such deal with an EU country since Brexit, the UK Department for International Trade said Wednesday

MOSCOW (Pakistan Point News / Sputnik - 08th February, 2023) The United Kingdom and Italy have signed an agreement to boost their export and investment partnership, marking London's first such deal with an EU country since Brexit, the UK Department for International Trade said Wednesday.

"(UK Trade Secretary) Kemi Badenoch signs UK-Italy export and investment partnership on visit to Rome - the first such partnership between the UK and any EU country," the statement read.

The partnership will enhance UK exports, create jobs, increase wages and stimulate economic growth, as well as "boost a trade relationship worth more than �43 billion ($52 billion)," according to the statement.

"This partnership will boost trade and investment between British and Italian businesses, ease the path for valuable investment, and will crucially grow UK exports as we aim for our target of selling �1 trillion of goods and services a year to the world by the end of the decade," Badenoch said.

Both the UK and Italy are among the world's 10 largest economies, with their bilateral trade exceeding $52 billion, according to the UK government. This makes Italy the UK's 11th largest trading partner. The most popular goods exported by the UK to Italy include cars worth over 930 million Pounds, accounting for 10.1% of all UK goods exported to Italy, and mechanical power generators worth over 500 million pounds.