Policy paper

UK-Italy ministerial dialogue on export and investment promotion

Published 11 September 2023

This was published under the 2022 to 2024 Sunak Conservative government

1. Context

This dialogue is a declaration of intent to strengthen practical collaboration on export and investment promotion between the UK and Italy.

2. Delivery and governance

• a plenary session hosted by foreign trade ministers or their delegates will be held annually to present and discuss the results of the cooperation within the dialogue. The first plenary session is foreseen by the end of 2023 and will involve representatives of the institutions and associations referenced in this dialogue

• an official-level working group will be created to coordinate the implementation of activities agreed within the dialogue

• working groups from the UK-IT business community may be set up to take forward specific initiatives of mutual interest under the dialogue, reporting back to respective governments annually, for instance at the Pontignano conference

The dialogue will not be a forum for trade policy issues, which will be discussed between the UK and the European Commission. Wider multilateral trade policy issues, such as WTO reform, will also fall outside the scope of this dialogue.

3. Thematic priorities

3.1 Exchange of best practice on export and investment promotion

In order to favour export promotion and the growth of respective companies, particularly SMEs, abroad and to facilitate networking between institutions and companies relevant to international trade promotion, the UK and Italy will:

a) Organise dialogue between:

• the Italian Trade Agency (ITA) and the Department for Business and Trade in order to compare respective strategies to support exports, share best practice and identify common ground for action

• the Italian Export Credit Agency (SACE) and UK Export Finance (UKEF) in order to compare respective strategies in export credit insurance, share best practice and identify common ground for action

b) Organise a CEO forum representing UK and Italian businesses, to meet and advise the respective governments on issues regarding export and investment promotion. Such a forum will be organised annually and alternately by the British Embassy in Rome and the Italian Embassy in London.

3.2 Bilateral export and investment promotion

The UK and Italy will focus on promoting bilateral exports and investment in particular supporting growth in:

• green economy (including low carbon mobility, smart cities, renewable energy)

• frontier technologies (including blockchain, robotics, quantum computing, microelectronics, nanotechnologies)

• life sciences (including health, biotechnologies and pharmaceuticals)

• advanced engineering (including automotive, advanced manufacturing, advanced materials, aerospace)

• creative industries

In order to deliver this, Department for Business and Trade and the ITA will:

• share practical information regarding bilateral export and investment opportunities to respective companies, including through webinars. In the case of foreign direct investment this activity will involve the National Agency for Inward Investment and Economic Development (Invitalia S.P.A.) along with the ITA, with the support of the Italian FDI Desk of ITA in London (in close cooperation with the Italian Diplomatic and Consular Offices in UK) and Department for Business and Trade

• initiate digital communication and information provision about practical exporting/importing procedures following UK’s Exit from the EU, to support Italian and British SMEs in the promotion of their exports to respective markets, also via e-commerce and the provision of services

• share practical information supporting reciprocal understanding of border processes and customs procedures and facilitating timely resolution of issues as they may arise

• promote closer integration and synergy between their national trade fairs systems on common issues, including but not limited to calendars, partnership between events dedicated to similar industrial sectors

• encourage dialogue between business associations in Italy and the UK, starting with Confindustria and UK equivalent business organisation and trade bodies, on issues of mutual interest. In carrying out the above activities Italy and UK will be engaged in promoting diversity such as, but not only, diversity in gender and in regional origin

4. Outputs

We envisage the dialogue would deliver outputs that include:

• new export and investment arrangements or collaborations

• new commercial and innovation partnerships, particularly in the focus sectors of clean growth and technology

• improved policymaking, learning from mutual best practice

• celebrate and further promote diversity within UK-IT business communities

Signed in Rome on 8 February 2023 by The Secretary of State for Business and Trade of the United Kingdom and The Minister of Foreign Affairs And International Cooperation of the Italian Republic.