On January 31st, Brexit officially entered into force, marking the exit of the UK from the European Union (EU). This leave had significant economic ramifications for the British economy, and the country has not ceased looking for ways to make Brexit less painful since then.

A Rapprochement between Historical Commercial Partners

The UK and Italy have launched talks to establish a “new export and investment partnership” which will strengthen trade between the two countries, the UK's Department for International Trade [url=https://www.export.org.uk/news/583387/UK-Italy-trade-talks-unveiled-new-minister-Trevelyan-%20makes-her-first-trade-deal-move.htm]stated[/url] on October 13th.

Speaking alongside Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio after a G20 meeting in Sorrento, the new British Secretary for International Trade, Anne-Marie Trevelyan, said, “improving our bilateral relations with Italy is a win-win solution, which will stimulate export opportunities and promote investment for our companies.”

No Agreement to Expect but a Strengthening of Cooperation

However, the aim of these discussions is not to lead to a new trade agreement but rather to strengthen trade relations between the two countries. This is because Italy, being a member of the EU, is already a member of the post-BREXIT trade agreement signed between the union and the UK. The dialogue is expected to lead to annual ministerial talks and foster innovative business partnerships and closer ties between the UK and Italian CEOs, as the two sides explained. Trade between the two countries amounted to more than 34 billion pounds (around 40 billion euros) last year, and Italy is currently the UK's ninth largest trading partner.

The British minister has also met with other key partners such as India, Singapore, and Canada at the G20 Trade Ministers' Meeting 2021, in order to discuss the world trading system ahead of the 12th Ministerial Conference (MC12) of the World Trade Organization (WTO). All these meetings mark the UK’s desire to open more to the world and strengthen its role in global trade.

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