Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni on Wednesday agreed to leverage the India-EU Free Trade Agreement to expand bilateral trade to 20 billion euros by 2029, according to a joint statement after their talks.

The leaders took note of the renewed momentum in bilateral economic and commercial ties, growing investments, and efforts to build long-term collaborations. In this context, they welcomed the exchange of three Business Forums last year. They also met select Italian and Indian CEOs representing sectors such as defence, digital, energy transition, infrastructure and logistics, the joint statement said.

"Both leaders agreed to leverage the opportunities from the India-EU Free Trade Agreement and called for its early implementation," it said.

The leaders also expressed satisfaction with growing engagements between researchers and scientific institutions from both countries. They welcomed ongoing collaboration between the Italian Space Agency and the Indian Space Research Organisation, and efforts to strengthen commercial space collaboration. They also called for greater collaboration in the fields of AI, semiconductors, critical minerals and other cutting-edge technologies, synergising India’s talented workforce and Italy’s technological prowess.

Both leaders expressed their keen desire to build connectivity infrastructure through concrete projects and reaffirmed their commitment to the implementation of the India-Middle East-Europe Economic Corridor (IMEC), according to the statement.

They welcomed the signing of MoUs between India and Italy on cooperation on the development of the National Maritime Heritage Complex at Lothal, Gujarat and on the recruitment of nurses from India.

Both leaders acknowledged the valuable contribution of the Indian diaspora in Italy and agreed to facilitate mobility of students, researchers and academia. They agreed to celebrate 2027 as the "Year of Culture and Tourism between India and Italy".

Prime Minister Modi thanked Prime Minister Meloni for the warm hospitality extended by the Italian government and people and invited her to visit India at a mutually convenient time.

The two leaders also welcomed the signing of the Joint Declaration of Intent in the defence sector, an Industrial Roadmap for collaboration in co-design, co-development, and co-production of defence products.