“Italy is Canada’s 2nd largest trading partner in the EU”

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An interview with Tribuna Economica, a financial and economic newspaper, gave the Canadian Ambassador to Italy, Alexandra Bugailiskis, the opportunity to take stock of the state of health of the Canadian economy in the post-Covid period and trade relations with Italy.

Starting from the latter, the ambassador explained that Italy is the second largest trading partner of Canada in the EU, and the eighth globally: the value of trade between the two countries exceeds 12.7 billion dollars per year.

In 2020, Canada increased its exports to Italy by 14% for a total of 3.69 billion Canadian dollars, mainly in pharmaceutical products, cereals, crude oil and vehicle components. Italian exports to the North American country also showed a significant increase, with growth of 72% in steel, 46% in meat exports, 37% in seafood products and 28% in grain preparations, totaling more than $9 billion.

Italy is an important trading partner for Canada, and we would be pleased to see this relationship grow more and more, and we can all agree that, now more than ever, Ceta proves to be a solid platform that offers continued growth,” said the Ambassador.

Speaking of investments to and from Canada, Dr. Bugailiskis spoke of a future increasingly oriented towards the green economy, digital and new technologies. In 2020, Canada and Italy traded goods in the field of Information and Communication Technologies (ICT) worth over 177 million euros. Again, the Ceta agreement meant that all customs duties on technology products were eliminated. Thus, Italian technology companies proceed at the same pace as Canadian companies in Canada, can easily relocate personnel, serve customers in Canada and participate in Canadian government tenders.

Speaking instead of innovation, one of the sectors that most distinguishes the Canadian economy, it emerges how Ceta facilitates collaboration between researchers and innovative companies. An example comes from the biotechnology company Aspect Biosystems, based in Vancouver, operating in the engineering sector at the forefront of three-dimensional bioprinting and tissues, which is collaborating with the BioEra research center of the University of Padua. This collaboration will develop innovative biomaterials for clinical and research purposes for both Italy and Canada.

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