India and Italy Combat Terror Financing

India-Italy Joint Initiative on Terrorism Financing

1. Bilateral Talks and Cooperation:

   • Meeting between India's PM Narendra Modi and Italy's PM Giorgia Meloni took place at the G20 summit in Johannesburg.
   • Discussions focused on enhancing bilateral ties in trade, defense, security, innovation, AI, space, and education.

2. Joint Initiative on Counter-Terrorism:

   • Announcement of the "India-Italy Joint Initiative to Counter Financing of Terrorism".
   • Goal: Strengthen collaborative efforts to combat terrorism and its financing through mutual cooperation, particularly in global forums like the Financial Action Task Force (FATF) and the Global Counter-terrorism Forum (GCTF).

3. Bilateral Strategic Partnership:

   • Positive assessment of the Strategic Partnership spanning multiple sectors: trade, investment, defense, security, science & technology, and education.
   • Emphasis on the Joint Strategic Action Plan 2025-29, which is expected to foster economic growth and benefit citizens of both nations.

4. Trade and Investment Data:

   • India-Italy trade estimated at $15 billion for the year 2023-2024.
   • Italian Foreign Direct Investments in India have reached about $4 billion since 2000.

5. Events and Initiatives:

   • Notable participation in two Business Fora held in New Delhi and Brescia.
   • Collaboration in space highlighted by the recent visit of an Italian space delegation to India, signaling expanded bilateral cooperation.

6. Support for International Agreements:

   • Italy’s backing for a mutually beneficial India-EU Free Trade Agreement.
   • Commitment to the AI Impact Summit hosted by India in 2026.

7. Shared Values:

   • Both leaders reaffirmed their commitment to democracy, rule of law, and sustainable development.
   • Enhanced dialogue and collaboration on multilateral platforms prioritized.

8. Reactions to Terrorism:

   • Prime Minister Meloni voiced solidarity with India regarding a recent terrorist incident in Delhi.

These initiatives reflect a robust commitment to enhancing international cooperation in addressing global challenges, particularly terrorism financing, while fostering economic growth and technological collaboration between India and Italy.