Last reviewed 22 October 2021
International Trade Secretary Anne-Marie Trevelyan has announced the start of discussions on a new export and investment partnership between the UK and Italy aimed at boosting trade between the two countries.
The dialogue is intended to boost exports for companies including in high-performing sectors such as life sciences, defence and security, as well as growth sectors of the future such as digital and tech.
The talks will also seek opportunities for greater collaboration and sharing of best practice between the two countries’ export credit organisations — UK Export Finance (UKEF) and the Italian Export Credit Agency — helping SMEs and companies looking to grow.
Trade between the UK and Italy was worth more than £34 billion last year. Some of the most popular British products exported to Italy last year included cars worth £829 million — equivalent to 10% of all UK goods exported to Italy — and £383 million worth of medicinal and pharmaceutical products.
British consumers were able to buy £1.2 billion worth of Italian clothing last year and we imported £860 million worth of beverages and over £641 million worth of fruit and vegetables.
“Enhancing our bilateral relationship with Italy is a win-win, which will boost export opportunities and investment promotion for our businesses,” the International Trade Secretary said. “Italy is our ninth-largest trading partner, while the UK is Italy’s fifth-largest export market – I am delighted we are kicking off this discussion.”