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Since 1991, India has been making great strides in the liberalization of its economy. Before then, India’s economy had mostly operated with an attitude of “swadeshi” or “India first”. However, changes in India’s Parliament have since allowed India to move away from that constricting form of thinking to more acceptance of free trade agreements with different countries.
One of these countries is Italy, with whom India has actually shared some form of trade relations since 1929, specifically with Coimbatore, one of India’s states. In 1966, the Indo Italy Chamber of Commerce and Industry was formed in Calcutta (now known as Kolkata or Kolkatta), a non-profit organization which is recognized by Italy, and whose members are associated with the industrial market in India.
Italy is one of the countries that make up the European Union (EU). As the EU countries go, Italy is the fourth-largest trading partner with India.
India and Italy both participate in imports and exports of goods and services between the countries. India exports such items as textiles, chemicals, dyes, some minerals-such as iron ore-food products, and other things. Italy provides India’s consumers with such things as machinery, different grades of oil, some of which can be used to produce gasoline, and some textile products, including weaving, spinning, and finishing machines.
As of the latter of part of 2009, India and Italy have been working together to reach the common goal of boosting bi-lateral trade between the two countries. An agreement was reached concerning this, and steps are being taken to accomplish such things as raising the dollar figures from the current amount of $8 billion to $10 billion during the upcoming year.
If Italy and India continue to work towards accomplishing the terms of their agreement to boost bi-lateral trade, there is no reason not to assume that both countries will find success.