The first official meeting of the “Fast Track Mechanism”, established in the joint declaration made by the President of the Council of Ministers of Italy, Hon’ble Prof. Conte and the Prime Minister of the Republic of India, Shri Narendra Modi, was held on 16th July 2019 at the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce, Government of India.
Co-chaired by the Secretary of the DPIIT, Shri Ramesh Abhishek and the Ambassador of Italy to India, H.E. Lorenzo Angeloni, the mechanism is designed as a platform for a constructive dialogue aiming to identify and overcome the obstacles hindering Italian Companies’ operations in the Indian market.
The Fast Track Mechanism Team will gather at least a couple of times in a year and will be attended by the Indian competent Authorities involved in the amicable resolution of disputes.
Poised to become a powerful tool at the service of the companies’ internationalization process, this new institutional machinery is connected to the wider contest of the Indo-Italian blossoming bilateral trade (in 2018 the trade between Italy and India achieved a value of 9.5 billion euros equivalent to a +8.9% compared to the previous year; in 2017 the increment was of 9.2% and in 2016 of 16% compared to 2015).
The project represents the tangible evidence of the strengthened partnership between the two capitals: Delhi and Rome.As a matter of fact, India, as of now, is implementing similar forms of consultations only with a very limited number of countries (UK, France, Germany, The Netherlands, Japan and Russian Federation).
An equivalent Mechanism will be put in place in Rome under the aegis of General Direction for Trade Promotion, Ministry of Economic Development for Indian companies operating in Italy.
