News Highlight
India and Italy announced a defence agreement during The Italian Prime Minister’s visit.
Key Takeaway
- The arrest of Italian marines is anticipated to end nearly a decade of hostilities between India and Italy.
- And other issues are well behind them, with talks about bilateral defence cooperation.
- It is expected to be unveiled during the visit of Italian Prime Minister Georgia Meloni to India.
India and Italy Bilateral Relations
- Historical Relations
- India and Italy are old civilisations with relatively young nations (Italy was reunified only in 1861).
- In addition, the Indo-European language family includes the classical languages Sanskrit and Latin.
- For almost 2000 years, people from these two ancient civilisations have known, communicated, and traded with one another.
- Italian coastal cities were vital trading stops along the spice route.
- Science, Technology and Research Collaboration
- The progress accomplished under the India-Italy Science and Technology Cooperation and the India-Italy Executive Plan of Cooperation has been welcomed.
- The Italian Space Agency (ASI) and ISRO welcomed the introduction of Thematic Working Groups as a collaboration mechanism.
- As well as formed the first joint ASI-ISRO working group in heliophysics.
- Furthermore, the study of the Sun’s impacts on the Solar System is known as heliophysics.
- Defence Relations
- Military cooperation has long been essential to India-Italy relations.
- In November 1994, an MOU on Defense Cooperation was signed.
- Additionally, the Indian Army has a long history with Italy.
- With almost 50,000 troops, the 4th, 8th, and 10th Indian Divisions played an important role in one of the most difficult allied pushes for the liberation of Italy during WWII.
Significance of India and Italy’s partnership
- G20
- The G20, one of the world’s most important fora for global governance, will be presided over by Italy in 2021 and India in 2022.
- Strong manufacturing base
- With a GDP of $1.86 trillion, Italy has the world’s eighth-largest economy and the third-largest in the Eurozone after Germany and France.
- In addition, it is also the world’s sixth-largest manufacturing nation, with several industrial districts dominated by small and medium-sized businesses.
- Brexit
- The UK accounts for half of all Indian investments in the EU.
- As a result, Indian investors are exploring alternate entry routes into the EU market.
- Furthermore, Italy is an excellent location for this.
- Fight against climate change
- Italy and the United Kingdom will co-host the 26th session of the Conference of the Parties, COP26, in 2021, and India is one of the world’s key responsible players.
Challenges
- Lower trade
- India and Italy have been trading partners since the Roman era.
- Hence it is regrettable that India has such a low level of commerce and investment.
- Italy’s current political instability
- Italy is in a difficult situation, with a nationalist, naturalist, near-fascist movement on one side and a populist movement on the other.
- Italy is the ‘Achilles heel of Europe
- Italy is Europe’s “Achilles heel,” with one of the lowest growth rates of 1.5%, high youth unemployment of 30%, and rising debt of 133% of GDP.
Way Forward
- Promoting a practical global framework could be the best political accelerator for overcoming the new coronavirus and promoting a sustainable, equitable, and long-term recovery.
- Enhancing trade: The potential of India and Italy as trade partners can be explored further if India and the EU sign the Bilateral Trade and Investment Agreement (BTIA).
- In addition, it has been discussed for over 11 years and has not been concluded.
- The recently announced EU Strategy for Connectivity in Asia is helping to improve relations between the EU and India.
Pic Courtesy: ORF
Content Source: The Hindu