Italy's Top Trading Partners
Germany
Italy trades 12.6% of their exports with Germany, along with 16.68% of their imports. This is their greatest trading partner. Germany is one of their largest due to geographic position, since the country boarders Germany, and there is also a political explanation due to the countries having a strong political history together. Germany and Italy were both axis powers during World War II and most likely have still strong political ties due to it. Germany is also A European Union member that uses the Euro as their currency.
France
France is Italy's second largest trading partner with exports at 11.5% and imports at 8.82%. France is geographically close to Italy as well and is financially a industrialized country like Italy. The economies of each country are very similar, which creates a beneficial trade partner for each country to have. France is a European Union member, that uses the Euro as the common currency.
Italy's Trade Agreements
On the Australian Government Website under Foreign Affairs and Trade its states that Italy has concluded bilateral agreements covering culture, double taxation, air services, economic and commercial cooperation, reciprocal social security and health care benefits, and film co-production with Australia. A bilateral Working Holiday Maker Arrangement became operative in January 2004. The two countries have also signed a number of Memoranda of Understanding (MOUs) covering science and technology cooperation, defence materiel, defence industry, motor vehicle safety certification, sports cooperation, game meat exports and trade cooperation. In July 2009 an MOU was signed regarding cooperation on the Square Kilometre Array. Many state governments have signed MOUs with Italian regional governments to promote cooperative activities and exchanges between the two parties.
The benefits that Italy is obtaining from these agreements is more open trading that reduces taxes and restrictions. The less restrictions and regulations a country has, there is a higher economic benefit when countries are free to trade.
The benefits that Italy is obtaining from these agreements is more open trading that reduces taxes and restrictions. The less restrictions and regulations a country has, there is a higher economic benefit when countries are free to trade.