UK signs landmark first partnership with Italy to boost British exports

The UK and Italy have agreed on an export and investment partnership in a bid to boost UK exports, help create jobs, increase wages and grow the economy.

Business and Trade Secretary Kemi Badenoch signed the trade partnership on a visit to Rome on the 8th February.

The British government says the partnership will strengthen post-Brexit export and investment links with Italy and boost a trade relationship worth more than £43 billion.

On her first overseas visit as the Business and Trade Secretary, Kemi Badenoch MP and Italy’s Minister for Foreign Affairs and International Cooperation and Deputy Prime Minister Antonio Tajani met in Rome to sign the UK-Italy Export and Investment Promotion Dialogue – the first agreed between the UK and any EU country.

The partnership aims to strengthen exports in high-performing and growth sectors of the future, 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.

Kemi Badenoch MP said: “This partnership marks a significant milestone in the UK’s trading relationship with Europe 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.

“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.”

Both the UK and Italy are in the top 10 global economies. Trade between the UK and Italy is worth more than £43 billion, making it the UK’s 11th largest trading partner.

During her visit, the Business and Trade Secretary co-chaired the first UK and Italy CEO Forum, alongside the Minister for Enterprises and Made in Italy Adolfo Urso.