Italy and Japan already have close trade relations. The trade agreement between the EU and Japan will give it a big boost. The Council of the EU took decisions on Monday on the signing of the agreement, while the date and place of signature of the agreement are not yet fixed. Once signed, the agreement must receive the approval of the European Parliament before it can be concluded and enter into force, says a council statement. Accession to the EEC was the most advantageous economic factor in Italian trade after the Second World War. The subsequent accession of Greece, Spain and Portugal to the EEC gave rise to fierce competition for Mediterranean agricultural products, in particular fruit, wine and edible oil. However, at the beginning of the twenty-first century, the enlargement of the EU and the weakness of the new single currency allowed an increase in exports to Italy. When the euro reached parity with the United States and eventually surpassed it. The dollar lost that advantage, and during the first decade of the twenty-first century, Italy maintained a negative trade balance. ROME, July 24 (Xinhuanet) — The bilateral agreement between the European Union (EU) and China on geographical indications (GIs) will help Italy overcome the economic slowdown caused by the COVID-19 pandemic, according to Italian trade and agricultural associations. Italy has a great commercial tradition.

Deep in the Mediterranean, the country occupies a strategic position and strengthens its trade potential not only with Eastern Europe, but also with North Africa and the Middle East. In the past, Italy maintained 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 on or after 1957 further increased Italy`s trade potential and led to rapid economic growth. However, from that point on, the economy faced a growing trade deficit. Between 1985 and 1989, the United States was the only trading partner with which Italy is not in deficit. .