Rome [Italy], May 20 (ANI): Prime Minister Narendra Modi on Wednesday said India and Italy will advance a new global cooperation model based on joint innovation and production, as both countries aim to strengthen economic and strategic ties under a long-term partnership framework.

Addressing a joint press meet with Italian Prime Minister Giorgia Meloni in Rome as part of the last leg of his five-nation tour, Prime Minister Modi said that the bilateral relations between both nations are entering a new phase of structured and time-bound cooperation guided by the Joint Strategic Action Plan 2025-2029.

He stated that the new action plan provides a 'practical and futuristic framework' for the partnership, adding that both sides are committed to moving forward in a time-bound manner.

Highlighting economic engagement, the Prime Minister said bilateral trade is rapidly moving towards the target of 20 billion euros, reflecting growing commercial ties between the two economies.

'In today's meeting, we discussed in detail how to further strengthen our future partnership. The India-Italy Joint Strategic Action Plan 2025 to 2029 provides a practical and futuristic framework for our partnership. We are moving forward on this in a time-bound manner. In our joint efforts, bilateral trade is rapidly moving towards the target of 20 billion Euros,' the Prime Minister said.

PM Modi noted that more than 800 Italian companies operating in India are actively contributing to India's growth story while also benefiting from India's expanding market and innovation ecosystem.

He stated that the India-Italy Business Forum reflects 'new enthusiasm, confidence and ambition' among industry leaders from both countries, particularly in emerging sectors.

'More than 800 Italian companies present in India are becoming active partners in India's growth story. From the Business Forum being organised today, it is clear that there is a new enthusiasm, new confidence, and new ambition among the business leaders of both countries,' he added.

Outlining a vision for deeper industrial and technological collaboration between the two countries, PM Modi said, 'Italy is known globally for design and precision. India is recognised as a powerhouse of scale, talent and affordable innovation,' he said, adding that this complementarity forms the basis of future cooperation.

'Therefore, we will move forward on the principle of 'Design and Develop in India and Italy and Deliver for the World',' he stated.

The Prime Minister emphasised that both countries will collaborate across multiple sectors, including fashion, fintech, leather, logistics, mobility and manufacturing, with a shared goal of benefiting global markets.

He also thanked Italy for its cooperation in advancing the India-EU Free Trade Agreement (FTA), stating that both sides will work towards its early implementation to support businesses and strengthen economic linkages.

'From fashion to fintech, from leather to logistics, from mobility to manufacturing, in every field, we will join our strengths and work for the welfare of all humanity. I express my special gratitude to Prime Minister Meloni for the cooperation received from Italy in concluding the India-EU FTA. Together we will work for its earliest implementation so that business communities can take full advantage of it,' he stated.

Earlier in the day, PM Modi was accorded a ceremonial Guard of Honour in Rome. He also held a delegation-level meeting with his Italian counterpart.

The Prime Minister arrived in Rome on Tuesday in the last leg of his five-nation tour following his engagements in Norway, Sweden, the Netherlands and the United Arab Emirates. (ANI)