India-Italy Bilateral Summit

Why in News

Recently, a virtual Bilateral Summit between India and Italy has been held to comprehensively review the broad framework of the bilateral relationship and also strengthen cooperation against common global challenges, including the Covid-19 pandemic.

Key Points

• Both nations decided to adopt the Action Plan for an enhanced Partnership between India and Italy (2020-2024) to set up priorities, strategic goals and mechanisms of a bilateral partnership.
• Economic Engagement:
  
  • Agreed to coordinate closely at multilateral fora especially G-20.
    
    • Italy will assume the Presidency of G-20 in December 2021 followed by India in 2022.
    • Saudi Arabia is holding the current presidency of G20.
  • Memorandum of Understanding (MoU) between Cassa Depositi Prestiti (CDP), an Italian investment bank and National Infrastructure Investment Fund (NIIF) to promote innovative financial schemes capable of supporting bilateral investments.
    
    • Italy is India’s fifth-largest trading partner in the European Union (EU).
• Defence Cooperation:
  
  • Underscored the need to further expand defence engagement through greater two-way collaboration and technology cooperation, co-development and co-production.
  • Recognised the opportunity to consolidate defence relations with the aim of enhancing the effectiveness of peacekeeping activities within the framework of the United Nations (UN).
• Cooperation During Covid-19 Pandemic:
  
  • Italy thanked India for extending support during the pandemic by supplying medicines and personal protection equipment (PPE).
    
    • The Indian community in Italy is the second-largest community of Indians in Europe after the UK.
  • Reiterated that the pandemic calls for an inclusive multilateral approach to health protection, especially in the framework of the UN and the World Health Organisation (WHO).
  • Welcomed the World Health Summit, which will be held in Italy in 2021, in cooperation with the European Union (EU) Commission.
    
    • The World Health Summit is one of the world’s leading strategic forums for global health and is held in October every year.
• Science, Technology and Research Collaboration:
  
  • Welcomed the progress made under India-Italy Science and Technology Cooperation and the India-Italy Executive Programme of Cooperation.
  • Welcomed the establishment of Thematic Working Groups as a method of work between the Italian Space Agency (ASI) and the Indian Space Research Organisation (ISRO) as well as the creation of the first joint ASI-ISRO working group in heliophysics.
    
    • Heliophysics is the study of the effects of the Sun on the Solar System.
• Cooperation for Counter-Terrorism and Security:
  
  • Pledged to strengthen cooperation in the fight against terrorism and transnational crime both at a bilateral level and in multilateral fora and also agreed to hold the next meeting of the ‘India-Italy Joint Working Group on Counter-Terrorism’ to further advance cooperation, exchange of expertise and capacity building in 2021.
• Regional Cooperation and Connectivity:
  
  • India and Italy acknowledged the potential of new international organisations such as the Coalition on Disaster Resilient Infrastructures (CDRI) and the International Solar Alliance (ISA).
    
    • India welcomed Italy joining ISA after it coming into force of the universalisation of ISA.
    • India also welcomed Italy’s engagement in the Indian Ocean Rim Association (IORA) and Italy’s new status as Development Partner of ASEAN.
• Multilateral Cooperation on Environment:
  
  • Reaffirmed their commitment to the implementation of the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement and their respective nationally determined contributions (NDCs).
  • Highlighted the significance of cooperation in the run-up to the 26^th Conference of Parties (COP26) of the UNFCCC, which will be organised in 2021 by the UK in partnership with Italy.

Source: PIB