Britain and Italy announce partnership to boost trade between the two countries as the pair begin to work on a partnership
The British trade department said on Wednesday that Italy and Britain have agreed to pursue a new trade partnership on the sidelines of olympics in Rome. LONDON, Oct 13, Britain and Italy have reached an agreement to establish severance agreements on eve of the G20 summit.
Britain, which is attempting to establish new trading relationships with the world after its exit from the European Union, said that talks will begin on a new partnership aimed at increasing exports and investment.
"Our bilateral relationship with Italy is a win-win situation, as it will increase export opportunities and promote investment for our businesses," Trade Minister Anne-Marie Trevelyan said.
As a member of the EU, Italy's trade with Britain is governed by the European-wide agreement that came into force after Brexit and which, according to some exporters, has created additional restrictions on the movement of goods and services.
However, Trevelyan believes that talks with Italy may encourage British exports such as life sciences and defence and enhance ties in growth sectors such digital services and green technology.
The trade department stated that the aim is to establish a new partnership that sees both sides meet annually at ministerial level and encourages more business-to-business partnerships.