The United Kingdom and Italy have begun negotiations on a ‘win-win’ trading cooperation following the Brexit victory.

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THE UK has begun talks with Italy on a new export and investment partnership aimed at boosting trade and cooperation between the two countries.

Speaking alongside Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio after a G20 meeting in Sorrento, the UK’s new International Trade Secretary Anne-Marie Trevelyan, said that “enhancing our bilateral relationship with Italy is a win-win, which will boost export opportunities and investment promotion for our businesses”. Trade between the UK and Italy, the world’s eighth largest economy, was worth £38bn blast year.

Ms Trevelyan said: “Italy is our ninth-largest trading partner, while the UK is Italy’s fifth-largest export market – I am delighted we are kicking off this discussion.”

“The UK and Italy are also working side-by-side to deliver a successful Cop26 summit. The next 18 months are critical for our planet and together we will lead by example to accelerate progress towards a green, resilient and inclusive recovery.”

As a member of the EU, Italy’s trade with the UK is currently governed by the EU wide deal, which some exporters have blamed for decreased trade between the two countries.

But Ms Trevelyan said the talks could boost exports to the country, including life sciences and defence, while helping to improve ties between the nations in digital services and green technology.

Historically, Italy and the UK have cooperated closely on defence production, including on large products such as the EH 101 heavy helicopters.

The dialogue is expected to lead to annual ministerial talks, in order to foster innovative commercial partnerships and stronger ties between UK and Italian CEOs, the Department for International Trade said.

It will also promote inward investment, including in low-carbon industries such as onshore and offshore wind, hydrogen, and carbon capture storage, plus the food and drink industry and tech sector – where UK’s research and development strengths can help support Italian scale-ups.

The talks will also seek opportunities for greater collaboration and sharing of best practice between the two countries’ export credit organisations – UK Export Finance and the Italian Export Credit Agency – helping companies looking to grow.

Cooperation between Italy and the UK on foreign policy has been made easier with the appointment of Mario Draghi as Italian prime minister.

Although he is a staunch supporter of the EU, he is more sceptical about links with Russia and. “Brinkwire Summary News”.

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