Italy to co-host IMEC ministers meet in second half of 2025: Antonio Tajani

Italy will co-host a meeting of foreign ministers from countries in the India-Middle East-Europe Economic Corridor (IMEC) in the second half of the year, Italian deputy prime minister and foreign minister Antonio Tajani said on Friday, calling the proposed route, also known as the Cotton Road, a strategic route for trade, investment, and growth.

Speaking at FICCI’s Italy-India Business, Science & Technology Forum, Tajani said the corridor offers a vital opportunity for global trade amid ongoing conflicts in Ukraine and the Middle East and growing tariff challenges.

Tajani also said Italy is pushing for an early conclusion of the India-EU Free Trade Agreement, which he expects will be signed soon.

“Our goal is to reach a situation with no tariffs,” he said, adding that Italy is focused on strengthening exports and investments through this initiative.

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To tap into high-growth markets, Tajani announced a new export action plan that places India and Asia among Italy’s top strategic partners.

"Italy and India are natural economic partners," he said.

"We want to invest more in India. We want to export more in India, and we want more Indian investments in my country. We also want more Indian companies (working) in Italy," he added.

The IMEC aims to boost trade and economic ties by linking India with the UAE, Saudi Arabia, Jordan, Israel, and onward to Europe.

​In 2023-24, bilateral merchandise trade between India and Italy reached about $14.57 billion, with India's exports to Italy totalling $8.77 billion and imports from Italy amounting to $5.80 billion.

Italy is one of the few countries with which India has a trade surplus, which amounted to $2.97 billion in 2023-24.

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Key Indian exports to Italy include refined petroleum, broadcasting equipment, and hot-rolled iron, while major imports from Italy comprise passenger and cargo ships, washing and bottling machines, and specialized machinery.

Stating that India is crucial for the stability of the Indo-Pacific region, Tajani said cooperation between both countries is crucial at the political level.

"Our space agencies have already started a strong and structured dialogue. We want to strengthen it, involving more of the private sector with a business mission in the space sector," he added.

Meanwhile, speaking at the event, India's commerce minister Piyush Goyal said both sides are eager to implement the Joint Strategic Action Plan, launched by Prime Minister Narendra Modi and Italian Prime Minister Giorgio Maloney in November 2024.

"It's a very forward-looking, ambitious and pragmatic map with a strong focus on trade, investment, innovation, such effort to demonstrate to the world that whether it's the telecom sector, whether it's artificial intelligence, quantum computing, machine learning, manufacturing through industry 4.0, emerging technologies in space, we have a tremendous potential to work together to create together," Goyal said.

"The IMEC provides us with an opportunity to further come closer to each other," he added.

Addressing the event, external affairs minister S. Jaishankar said ongoing conflicts across Europe, the Middle East, and Asia have exposed the fragility of supply chains and disrupted maritime shipping.

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"Geopolitical competition has sharpened as market shares are leveraged and economic activities are weaponized," he said.

"Indeed, the over-concentration of manufacturing and the reliability of supply chains have today become overriding concerns for all of us, as industries and governments are struggling to keep pace with the impact of rapid digitalisation and technology shifts, which are accentuated by trade barriers and export controls," he added.