Bilateral trade between India and Italy has experienced significant growth, reaching USD 13.229 billion in the fiscal year 2021-22, marking a remarkable increase of over 50% compared to the previous year. Italy stands as India's fourth-largest trading partner within the European Union, showcasing the depth of economic cooperation between the two nations.

Migration and Mobility Partnership Agreement (MMPA): The signing of the Migration and Mobility Partnership Agreement (MMPA) in November 2023 during the visit of India's External Affairs Minister to Italy underscores a new dimension in bilateral relations. This agreement aims to enhance people-to-people connectivity and mobility, facilitating the movement of various categories of individuals, including workers, students, researchers, and artists, in alignment with the respective labor market needs.

Enhancing Job Opportunities and Collaboration: The MMPA is poised to create job opportunities for Indian workers and professionals by streamlining their mobility in Italy. By addressing the identified needs of labor markets, the agreement fosters greater collaboration and synergy between the two countries, contributing to economic growth and development.

Stabilizing the Indo-Pacific Region: The partnership between India and Italy, including the MMPA, contributes to the stability and prosperity of the Indo-Pacific region. A safe and open Indo-Pacific region is essential for fostering future commerce, connectivity, and strategic cooperation, aligning with the shared objectives of both nations.

India-Middle East-Europe Economic Corridor (IMEC): The inauguration of the India-Middle East-Europe Economic Corridor (IMEC) during the G20 conference in Delhi signifies a concerted effort to establish a new trade route between Asia and Europe. This initiative aims to bolster economic integration and connectivity, further strengthening India's engagement with the Middle East and Europe while enhancing regional stability and prosperity.

The agreement between India and Italy strengthens ties in two key areas: education and professional mobility. Indian students in Italy can now gain valuable work experience for up to a year after completing their studies. This aligns with the growing trend of Indian students choosing Italy for education, with numbers rising from 3,008 in 2021 to 5,897 in 2022.

Other Points to Consider