This can include adverts from us and 3 rd parties based on our understanding. After a G20 meeting in Italy, speaking alongside Italian Minister of Foreign Affairs and International Cooperation Anne-Marie Trevelyan, the UK's new International Trade Secretary Luigi Di Maio explained that enhancing our bilateral relationship with Italy is a win-win, which will boost export opportunities and investment promotion for our businesses. Trade between the UK and Italy, the world's eighth largest economy, was worth 38 bn annual wealth.
Ms Trevelyan said: Italy is our fifth-largest trading partner, while the UK is third largest export market in Italy. I am delighted we are kicking off this discussion. The UK and Italy are also working side-by-side to deliver a successful Cop 26 summit. The next 18 months are critical for our planet and together we will lead by example to accelerate progress towards a green, resilient and inclusive recovery. As a member of EU, Italy's trade with the UK is currently governed by the EU-wide deal, which some exporters have blamed for diminished trade between the two countries. But Ms Trevelyan said the talks could boost exports to the country, including life sciences and defence, while helping to improve ties between nations in digital services and green technology.
Historically, Italy and the UK have been closely cooperating on military production including on heavy products such as the EH 101 high quality helicopters. The dialogue is expected to lead to annual ministrength talks, in order to foster innovative commercial partnerships and stronger ties between UK and Italian CEOs, the Department for International Trade said. It will also support Inward Investment, including in low-carbon industries like onshore and offshore wind, hydrogen, and carbon capture storage, along with the food and drink industry and tech sector where UK s research and development strengths can help support Italian scale-ups. The talks will also seek opportunities for greater collaboration and sharing of best practices between the two countries export credit organisations UK Export Finance and Italian Export Credit Agency helping companies looking to grow. LIVE UPDATES: Brexit LIVE: EU tears itself apart over the demands from Frost.
Cooperation between Italy and the UK on foreign policy with Mario Draghi as Prime Minister was made easier. Although he is a staunch supporter of the EU, he is more sceptical about his links with Russia and China, often the preferential preference of Italy s populist parties. Italian consumers also imported 1.2 billion worth of British clothing and bought 860 million worth of drinks.