Trade Agreements for Italy

Membership of the EEC was the most advantageous economic factor in Italian trade in the period following the Second World War. The subsequent accession of Greece, Spain and Portugal to the EEC created fierce competition for Mediterranean agricultural products, in particular fruit, wine and edible oils. At the beginning of the 21st century, however, the enlargement of the EU and the weakness of the new euro currency allowed exports to grow in Italy. When the euro reached parity with the US dollar and eventually surpassed it, this advantage was lost, and for the first decade of the 21st century, Italy maintained a negative trade balance. Describes the trade agreements in which this country is involved. Provides resources for U.S. companies to obtain information on the use of these agreements. Italy has a great commercial tradition. The country extends deep into the Mediterranean Sea and occupies an important strategic position that increases its trade potential not only with Eastern Europe, but also with North Africa and the Middle East. Italy has historically active relations with the countries of Eastern Europe, Libya and the Palestinian peoples. These ties have been maintained even in times of great political tension, such as during the Cold War and the 1991 Gulf War. Accession to the EC from 1957 onwards further increased Italy`s trade potential and led to rapid economic growth.

From then on, however, the economy was subjected to a widening trade deficit. Between 1985 and 1989, the United States was the only trading partner with which Italy had no deficit. Italy returned to a positive balance in the mid-1990s. Trade with other EU members accounts for more than half of Italian transactions. Other important trading partners are the United States, Russia, China and members of the Organization of the Petroleum Exporting Countries (OPEC). 6. Japan is Italy`s 6th largest trading partner outside the EU. Italy is part of the EU`s Harmonised Trading System and imports and exports are covered by the EU`s Tax and Customs Union.

Austrade strongly recommends that you reconfirm them before selling them in Italy. The eu-Japan trade deal will make it easier and cheaper for them to do so. The United States and Italy work closely together on important economic policy issues, including the G-7. The United States is one of Italy`s most important trading partners, with reciprocal trade in goods and services worth $103.112 billion in 2019). As a member of the European Union (EU), Italy is bound by EU treaties and laws, including those that indirectly regulate or influence direct investment. Under the right of establishment of the EU Treaty and the Treaty of Amity, Commerce and Navigation with the United States, Italy is generally required to grant national treatment to American investors established in Italy or another EU Member State. Both countries have adopted an income tax treaty to avoid double taxation. Italy and Japan already have close trade relations. The trade agreement between the EU and Japan will give it a big boost.

€2.4 billion Value of Italy`s trade surplus with Japan. On August 21, 2020, the United States and the European Union announced a trade agreement on tariff reductions on certain products of mutual interest. The agreed tariff changes entered into force for the European Union on 18 December 2020 with the publication of Regulation 2020/2131 of the European Parliament and of the Council in the Official Journal of the EU and on 22 December 2020 for the United States. Under the agreement, the European Union has eliminated tariffs on imports of certain live and frozen lobster products on a most-favoured-nation (MFN) basis with retroactive effect to 1 August 2020. EU tariffs will be abolished for a period of five years and the European Commission will initiate procedures to make tariff dismantling permanent. The United States has reduced tariffs by fifty% on ready meals, some crystal glassware, surface preparations, propellant powders, lighters and lighter parts. Tariff reductions in the U.S. are also most-favored-nation and apply retroactively to August 1, 2020. A list of trade agreements between the European Union and other countries around the world, as well as brief explanations of these agreements, can be found under the heading EU Trade Agreements. Italy`s main imports are metals and engineered products, mainly from Germany, France, the United States and the United Kingdom. Imports of chemicals, vehicles and minerals are also important raw materials. Italy is a major energy importer, with much of its oil supply coming from North Africa and the Middle East.

A Common External Customs Tariff (CET) applies to other countries, including Australia. . Italy maintains an embassy in the United States at 3000 Whitehaven Street, NW, Washington, DC 20008 (tel. 202-612-4400). Notifications from the European Union (formerly the European Communities) apply to all EU members. Sometimes, however, individual EU members notify certain measures that are only specific to their country. These are listed below. There is no prescribed form and usually at least three copies are required. The invoice must contain:. CIA World Factbook Italy Page U.S. Embassy History of U.S.

Relations with Italy U.S. Census Bureau Foreign Trade Statistics Export.gov International Offices Page Library of Congress Country Studies Travel Information For more information on public health requirements, see EU Sanitary and Phytosanitary Requirements. For more information about Italy, please contact the Ministry of Foreign Affairs and other sources, some of which are listed here: Italy and the United States belong to a number of the same international organizations, including the United Nations, the North Atlantic Treaty Organization, the Euro-Atlantic Partnership Council, the Organization for Security and Cooperation in Europe, Organisation for Economic Co-operation and Development, G-20, G-7, International Monetary Fund, World Bank and World Trade Organization. Italy is also an observer to the Organization of American States. Italy is an unwavering and active transatlantic partner, and the United States and Italy have sought to promote democratic ideals and international cooperation, especially in conflict and civil war zones. The partnership between the United States and Italy is one of our strongest, as Italy is a leader in peacekeeping and military operations around the world. Italy has also worked closely with the United States and other countries in the fight against drug trafficking, human trafficking and terrorism. In recent years, Italy has been an early and active partner in the fight against ISIS, coronavirus and Ebola. The Export Market Development Grant Program can reimburse up to 50% of eligible export promotion costs over $5,000. Italy`s membership in international organizations More information about Italy can be found on the Italy page and in other publications of the Ministry of Foreign Affairs and other sources listed at the end of this bulletin. Legislation on food information and labelling must comply with EU law.

For more information, see EUR- Lex Food Safety. Metric dimensions (grams, kilograms, milliliters or liters) are used in the sale of packaged or bulk goods. A number of products, including food, cosmetics, chemicals, pharmaceuticals and pharmaceuticals, may require special marking and labelling. Your Italian importer should be contacted for specific information. Quotes must be in euros or Australian dollars. For more information, visit the Italian Customs Agency and EC TARIC. On this page you will find information on Italy`s participation in the WTO. Italy has been a member of the WTO since 1 January 1995 and a member of GATT since 30 May 1950. It is a Member State of the European Union (more info). All EU Member States are members of the WTO, as is the EU (until 30 September).

November 2009 officially known as the European Communities in the WTO for legal reasons). The United States established diplomatic relations with Italy in 1861, after most of the peninsula was united into a single state. In 1941, Italy – along with the other Axis powers of World War II, Germany and Japan – declared war on the United States. U.S. relations with Italy were restored in 1944. Today, the United States and Italy enjoy cordial and friendly relations. Certain goods, such as agricultural products and products that affect health, safety or the environment, may be subject to certain import restrictions and/or regulations. In such cases, it may be necessary to obtain import licences and additional documents before exporting to Italy.

For more information on import licensing, quotas and restricted goods, please contact Italian Customs. 88 806 The number of jobs in Italy that the EU exports to Japan contributes to support. Information on export and export documents for animals, plants and agricultural products from Australia can also be found at the Australian Department of Agriculture and Water Resources. . This is not mandatory, but it simplifies customs clearance when a large number of goods are packed in different cases. Rates and fees are constantly reviewed and are subject to change without notice. The CE marking is a mandatory conformity marking for certain products sold in the European Economic Area (EEA). Labelling in Italian is usually required. It is advisable to confirm all packaging and labelling requirements with the local importer to ensure compliance with all local requirements.

. The Ministry of Economy and Finance – Department of Finance (MEF) is responsible for the regulation of imports and customs, but specific questions on customs matters can be addressed to Italian customs. Italy also participates in EU/EC dispute settlement procedures. > quick help to download > a full help on Documents Online Italy`s sales force traditionally relies on textiles, food and industrial products. However, in the second half of the 20th century, the products of Italy`s booming metallurgy and engineering sector, including automobiles, reached a majority share of total exports, which it still retains; Then come the textile, clothing and leather goods industries. .