A new trade partnership has been agreed upon between the UK and Italy designed to create new jobs, boost UK exports and grow the economy.
This new partnership will “strengthen exports in high-performing and growth sectors of the future, such as Life Sciences and Digital and Tech” according to the UK Business and Trade Secretary, Kemi Badenoch MP.
She met with Italy’s Minister for Foreign Affairs and International Cooperation and Deputy Prime Minister Antonio Tajani to sign the new UK-Italy Export and Investment Promotion Dialogue in Rome.
This deal is the first of its kind agreed upon between the UK and any EU country since Brexit and has been hailed as a momentous development by the UK.
The deal helps to reinforce the UK’s position as a trading partner with the EU. It has been said to demonstrate how the nation can use its independent trading position to forge ahead with “comprehensive trade deals with new markets” alongside its existing arrangements with EU nations.
It is estimated that UK-Italian trade is worth more than £43 billion. This makes Italy the UK’s eleventh-largest trade partner. Italy is also the sixth largest source of UK Foreign Direct Investment (FDI) projects globally.
Business and Trade Secretary 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.”
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.