Prime Ministers of India and Italy reviewed the progress on the sidelines of G7 Summit and agreed to strengthen cooperation in global and multilateral initiatives, including India-Middle East-Europe Economic Corridor (IMEC).

Key aspects of Bilateral Partnership

Political

• Political relations between the two countries were established in 1947 which was elevated to Strategic Partnership in 2023.
• In a Virtual Summit in 2020, 2020-2025 Action Plan was adopted that set an ambitious agenda for an enhanced Partnership between the countries.

Economic 

• Italy is India’s 4^th largest trading partner in the EU, after Germany, Belgium, and Netherlands.
• Indo-Italian Joint Economic Commission Cooperation has been in existence since 1976.
• Migration and Mobility Partnership Agreement signed in 2023 to ensure safe and legal migration.

Technology

• News Science & Technology Co-operation Agreement signed in Nov 2003, with prime areas of joint research including Electronics, Biotechnology, Energy, etc.
• New Executive Programme of Cooperation for 2025-27 to promote joint research and development in Science & Technology.

Defence and Security

• In 2023, Italy joined Indo-Pacific Ocean Initiative’s Science and Technology Pillar.
• Joint Military exercises:  PASSEX Exercise, MILAN (Naval Exercises).

Cooperation in Multilateral bodies

• Italy joined India-led International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuels Alliance, and IMEC.

India-US Defence Acceleration Ecosystem (INDUS-X) was launched in June 2023 to build defence innovation bridge between two countries under initiative on Critical and Emerging Technologies (iCET).

• INDUS-X facilitates partnerships among U.S. and Indian defense companies, incubators and accelerators, investors, and universities.

Achievements of INDUS-X

• Commercial collaborations between defence companies of two countries in various defence domains such as intelligence, surveillance, and reconnaissance (ISR) and semiconductors. 
• Exploration of modalities for joint innovation funding between two countries. 
• Indus-X Gurukul: A hybrid information series for U.S. and Indian defense start-ups.
• Industry-Academia linkage: Exchange of best practices on technology transfer and licensing, advancing research in emerging defence technology domains etc. 

India-US Defence Technology Cooperation

• In 2016, US designated India as a “Major Defence Partner”.
• Defence agreements include:
  • Logistics Exchange Memorandum of Agreement (LEMOA) in 2016, 
  • Communications Compatibility and Security Agreement (COMCASA) in 2018,
  • Industrial Security Agreement in 2019 and 
  • Basic Exchange and Cooperation Agreement (BECA) in 2020. 
• iCET: Overarching umbrella framework for technology cooperation, it covers commercial as well as defence technologies 
• US-India Roadmap for Defence Industrial Cooperation: To fast track technology cooperation and coproduction in areas of mutual interest.

India attends Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting. 

• At the meeting, IPEF members signed multiple agreements which are first-of-their-kind approaches to address 21^st century challenges and strengthen economic engagement across Indo-Pacific.

Key outcomes of the meet

• IPEF Clean Economy Agreement: To accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG emissions mitigation, etc.
• IPEF Fair Economy Agreement: To create a more transparent and predictable business environment in member countries.
• Cooperative Work Programme (CWP): 3 new CWPs announced on emissions intensity accounting, e-waste urban mining (led by India), and Small Modular Reactors.
• Operational launch of IPEF Catalytic Capital Fund: To support expansion of the pipeline of quality clean economy infrastructure projects.

• Note: These agreements will enter into force after at least five IPEF partners complete their internal legal procedures for ratification, acceptance, or approval.
  • India did not formally sign these agreements as domestic approval processes are still underway and will be completed after formation of the new government.

India chaired its first meeting as Chair of the Colombo Process. 

About Colombo Process

• Regional Consultative Process that provides platform for consultations on the management of overseas employment and contractual labour.
• Comprises of 12 Member States of Asia such as Bangladesh, Sri Lanka etc.

• India is one of the founding members.

• Thematic priority areas are: Skills and Qualification Recognition Processes; Fostering Ethical Recruitment Practices, etc.
• UN’s International Organization for Migration provides technical and administrative support to the Colombo Process.