: Italian Trade Commissioner Francesco Pensabene Friday, terming the Indian market as crucial and strategic for Italy, sought relaxation of trade barriers to improve the relationship between both the countries.
Also, the commissioner lauded programmes such as 'Startup India', 'Skill India' and 'Make in India' saying they have made the enviroment more open, wider, interesting and profitable to foreign companies.
"India is a crucial and strategic market for us. Italy is the fourth largest trade partner to India among EU members," he said on the sidelines of 34th edition of the India International Leather Fair here.
Seeking relaxation of trade barriers for Italian companies to gain easy access to Indian market, Pensabene said everybody knows there were heavy duties and tariffs in some sectors which posed difficulties to some Italian companies.
"For example, food, furniture and components. So we believe a lower level of duties would help the two countries improve their relations," he said adding that he did not, however, represent all Italian companies.
''We are interested in the Indian market. The move would, of course, benefit other companies overseas too. We all believe in India and this great partnership, he told PTI.
Pensabene said trade exchange between the two countries grew by 12-13 per cent during the 10-month period from January-October 2018, indicating a positive trend.
In 2017, the trade exchange accounted for 8.7 billion Euros out of which Italian exports accounted for 3.6 billion Euros with the rest dominated by Indian exports.
"This means there is deficit for Italy and that deficit is in favour of India which is performing quite well," he said.
The diplomat praised the capacity of the country in implementing the GST regime which he saw was a complex one. He said that portrayed India as a more stronger and stable market.
"I don't want to flatter. But India has been capable to realise and reform a very difficult and complex task. This is very important for Italian companies in particular," he said.
More than 40 per cent of Italian exports into India were dominated by industrial machineries (textile, machine tools, marble-cutting, leather).
Over 400 Italian companies have presence in India and the number increases to over 600 when joint ventures are considered.
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