When it comes to global trade, Italy and the United States have a long-standing relationship that spans centuries. From the early days of Italian immigration to America`s shores to the current era of multinational corporations and global markets, the economic ties between these two nations have evolved and grown in many ways.
In recent years, Italy and the United States have signed a number of trade agreements that have helped to facilitate and promote commercial activity between the two countries. Some of these agreements have focused on reducing trade barriers and promoting investment, while others have targeted specific industries or products.
One of the most significant trade agreements between Italy and the United States is the 1988 Bilateral Investment Treaty (BIT), which aims to protect and promote foreign investment between the two countries. The BIT creates a framework for investment protection, including provisions for dispute resolution and compensation in the event of expropriation.
Another important agreement is the 2005 U.S.-Italy Joint Declaration on Trade and Investment. This declaration seeks to further reduce trade barriers and promote investment in both countries. It also outlines specific areas of cooperation, such as promoting innovation and technology transfer, enhancing intellectual property rights protection, and strengthening the regulatory environment.
The two countries also have a number of sector-specific trade agreements in place, such as the 2013 U.S.-Italy Agricultural Trade Agreement, which focuses on improving market access and promoting cooperation in areas such as food safety and animal health.
Overall, the trade relationship between Italy and the United States is strong and continues to grow. In 2020, the United States was Italy`s third-largest trading partner, with bilateral trade totaling $64.5 billion. And with ongoing efforts to further reduce trade barriers and promote investment, the future looks bright for this important economic partnership.