India, Italy agree on mechanism for redressal of bilateral trade disputes

A meeting of the joint commission of India and Italy today agreed to bring disputes between the two countries under FICCI Arbitration and Conceliation Tribunal and the Chamber of Arbitration of Milan.

Commerce minister Anand Sharma and the Italian minister for economic development Claudio Scajola also signed memoranda of understanding on mutual trade and investment promotion, participation of Indian trade missions to Italian fairs, training courses and protection of intellectual property rights as also investment summits in either countries to boost bilateral investments.

Sharma invited Italian investors to take advantage of the huge opportunities that India's infrastructure sector opens up. India, he said, would particularly welcome investment and joint ventures in ultra mega power projects, textile machinery, agricultural food processing, automotive components and wine technology.

India, on the other hand, has offered expertise in railways, information technology and textile sectors.

The two sides also discussed information technology, fashion design, small and medium enterprises, tourism, agriculture and food processing, infrastructure, transport, investment, automotive components, environment and energy, textiles, leather, gems and jewellery, financial cooperation and reciprocal trade promotion.

The Italian side offered partnership in e-identity cards and creation of a design centre at Ahmedabad.