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Italy wants improved trade ties with ASEAN, PH

Article (news)

Jekki Pascual

ABS-CBN News

MANILA - Italy looks to improve trade relations with Southeast Asia following a slight decline in two-way trade in recent years.During the ‘High Level Dialogue on ASEAN Italy Economic Relations’ held in Makati, delegates from Italy and from members of the Association of Southeast Asian Nations (ASEAN) discussed ways to expand economic cooperation.Based on the ASEAN Statistics Database, the total two-way trade between ASEAN and Italy declined by 4.15 percent from $28.31 billion in 2022 to $27.14 billion in 2023.Satvinder Singh, Deputy Secretary General of the ASEAN Economic Community, said “Somehow Italian companies, because of the economic situation, are investing less in our region in recent years.”Italy’s Foreign Affairs Vice Minister Maria Tripodi attended the event and she said ASEAN remains one of their biggest markets and the Philippines remains a key player as well.She said in Italian, “We remain committed to addressing common challenges to create a future of shared prosperity based on sustainable and inclusive economic growth, through continuous dialogue with the countries in the region.”Lorenzo Tavazzi, Senior Partner and Board Member of The European House- Ambrosetti, said Italy and ASEAN can do more and collaborate in various fields like manufacturing, renewable energy, and more.Singh is also hopeful more partnerships will prosper in the years to come is the partnership is reenergized and investment cooperation is expanded. He said, “I’m confident this trend will reverse soon.”Philippine Trade Undersecretary Rafaelita Aldaba added that there are so many industries ASEAN and Italy can work together and she is confident trade ties will continue to improve in the coming years.“Italy’s expertise in high-quality manufacturing, green technology, and sustainable infrastructure development perfectly align with ASEAN’s aspirations for economic growth and regional integration… Italy’s strong foundation in research-intensive industries including factory automation, pharmaceuticals, aerospace, and defense, offer valuable expertise,” Aldaba said.The Philippines and Italy enjoy growing trade relations, however Italian exports to the Philippines are much bigger than the other way around.<div><iframe width="640" height="360" src="https://www.youtube.com/embed/2kF17W568ao?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

Italy looks to improve trade relations with Southeast Asia following a slight decline in two-way trade in recent years.

Italy looks to improve trade relations with Southeast Asia following a slight decline in two-way trade in recent years.