India and Italy are set to sign a number of agreements in the areas of trade, environment, media, film-making, investments and fisheries at the virtual bilateral summit between Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte on Friday.

“India will explore the possibility of enhancing Italian investments in India, increasing defence cooperation and promoting manufacturing under ‘Make in India’,” according to a source tracking the meeting.

Italy, on its part, is keen to promote greater linkages with India in digital technology and e-governance, get involved in advanced manufacturing, retain the market in India’s defence sector and make India a destination for Italian pension funds, the source said.

“Italy’s agenda is also likely to include promotion of two-way investment in areas like green and circular economy, energy transition, health and pharmaceuticals, food processing, infrastructure and advanced manufacturing given the high degree of complementarities between the two economies,” the source added.

India and Italy may hold discussions on their mutual interest in ensuring a progress in the India-EU Broad-based Trade and Investment Agreement (BTIA), stuck for the last few years, as it could potentially benefit both countries.

After Brexit, Italy is the third-largest EU economy holding immense potential for partnership for Make in India, the source said. It is India’s fifth-largest trading partner in the EU with bilateral trade at €9.52 billion in 2019. India ranks No 16 as the country of origin of Italian imports, accounting for 1.2 per cent of the country’s imports.

G20 Troika

At the summit, India will thank Italy for agreeing to host the G20 summit in 2021 at the country’s request, in exchange for India hosting it in 2022.

India will join the G20 Troika with Italy and Saudi Arabia from January 1, 2021; India and Italy will be part of the Troika for two years, 2021 and 2022, when India takes over as the G-20 chair.

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