• Thu. May 21st, 2026

24×7 Live News

Apdin News

Modi, Meloni Set €20b Trade Target by 2029

Byadmin

May 21, 2026


New Delhi: Prime Minister Narendra Modi held “comprehensive” talks in Rome on Wednesday with Italian Prime Minister Giorgia Meloni, after which both countries announced the elevation of ties to a “Special Strategic Partnership”. Pointing out that the two nations “had never been closer” than now, Meloni also announced that India and Italy had decided to increase bilateral trade to 20 billion euros by 2029 from the current 14 billion euros. The two countries decided to strengthen cooperation in sectors including trade and investment, defence and security, science and technology, research and innovation, space, energy, supply chains, artificial intelligence (AI), critical technologies, education, culture and people-to-people ties.

The two sides also “welcomed the signing of a Joint Declaration of Intent, an Industrial Roadmap for collaboration in co-design, co-development and co-production of defence projects including helicopters, naval platforms, marine armament and electronic warfare”. Both leaders further “agreed to launch a Dialogue on Maritime Security, with the aim of increasing maritime security cooperation, coordination and the exchange of information, and also agreed to examine the feasibility of establishing an annual high-level military structured dialogue”, a joint statement issued by the two sides said.

Later, Modi was conferred with the prestigious Agricola Medal for 2026 by the Food and Agriculture Organisation at its headquarters in Rome. The award was conferred in recognition of his leadership in addressing food security, sustainable agriculture and rural development in India and globally.

Earlier in the day, the camaraderie between the two leaders drew attention after a video clip went viral on social media showing Modi gifting “Melody” toffees to Meloni, who described them as “very good toffee”. The gesture played on the term “Melodi”, previously used by the Italian Prime Minister to describe her rapport with Modi. Meloni had also hosted a dinner for Modi after his arrival in Rome late on Tuesday night. Modi also called on Italian President Sergio Mattarella.

Following the talks, the two Prime Ministers announced the creation of INNOVIT India, an innovation hub aimed at strengthening cooperation between the innovation ecosystems of both countries. The hub will support startup acceleration programmes, market access, business matching, joint research, university collaboration and talent mobility in sectors including fintech, healthcare, semiconductors, logistics and supply chains, agritech, energy, quantum computing and AI.

The two sides also welcomed the signing of an MoU on maritime transport and ports, along with another MoU on cooperation in critical minerals.

Modi said India and Italy could “design and develop” products together and “deliver for the world”, adding that cooperation could extend from “fashion to fintech, leather to logistics, and mobility to manufacturing”.

Both leaders reviewed the progress made under the Joint Strategic Action Plan 2025-2029 and decided to establish a Foreign Minister-level mechanism to regularly review its implementation.

On connectivity, the two countries “reaffirmed their commitment to cooperate on the India-Middle East-Europe Economic Corridor (IMEC), recognising its transformational potential in reshaping and promoting global trade, connectivity and prosperity”, and encouraged the first IMEC Ministerial meeting to take concrete steps to advance the initiative in 2026. In her remarks, Meloni highlighted the importance of IMEC in boosting trade and business opportunities.

On people-to-people exchanges, the two leaders agreed to enhance mobility for students, researchers and skilled workers, particularly in STEM sectors, and expand cooperation in skills development in line with labour market requirements. This included a Joint Declaration of Intent on facilitating the mobility of nurses from India to Italy. The joint statement also noted ongoing discussions on a Social Security Agreement (SSA).

The two sides further welcomed the launch of “ICI – Italy Calls India: a University-Enterprise Talent Bridge”, aimed at supporting Indian students studying in Italian universities through career guidance, matching opportunities and integration into Italian companies.

Meloni said her friendship and rapport with Modi had helped strengthen bilateral relations significantly. Modi also thanked Meloni for her role in concluding the India-European Union Free Trade Agreement (FTA), announced in January and expected to be signed by the end of the year. He also spoke about trilateral cooperation with Italy in Africa.

Describing terrorism as a challenge to humanity, Modi said India and Italy, as “responsible democracies”, would work together to dismantle terror-financing networks. The joint statement also strongly condemned cross-border terrorism and the April 2025 Pahalgam terror attack.

On global conflicts, Modi said the two countries remained in touch regarding developments in Ukraine and West Asia. The joint statement noted that both leaders expressed “deep concern” over the situation in West Asia and its impact on the region and the world.

The two leaders welcomed the ceasefire announced on April 8, 2026, and underlined the importance of de-escalation, dialogue and diplomacy for lasting peace in West Asia. They also called for freedom of navigation and the resumption of global flows through the Strait of Hormuz.

The statement further said both leaders expressed concern over the continuing war in Ukraine, which has caused immense human suffering and global consequences. They agreed to support efforts towards a comprehensive, just and lasting peace through dialogue and diplomacy in accordance with international law and the principles of the UN Charter.

By admin