Canada and Italy have a strong and long-standing academic relationship, strengthened by inter-university and private-public university agreements that generate new ideas and research projects, build relationships and promote youth mobility. Canadian Studies programs in Italy and the Italian Association for Canadian Studies continue to contribute to these important interpersonal relationships. 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. Both under the right of establishment of the EU Treaty and under the Treaty of Amity, Commerce and Navigation with the United States, Italy is generally required to grant national treatment to the United States. Investors based in Italy or another EU Member State. The two countries have adopted a tax treaty to avoid double taxation. An updated extradition agreement entered into force in 2010. A new double taxation convention entered into force in 2011, the provisions of which are retroactive to 1 January 2011.In 2017, Canada and Italy signed an agreement on the mutual recognition of driving licences. The exchange of driving licences will begin as soon as Italy has concluded letters of intent with the various provinces and territories. 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. The eu-Japan trade deal will make it easier and cheaper for them to do so. The Agreement on Social Security (SSA) between Canada and Italy, which entered into force in 1979, was revised in 2017. It helps people who have lived or worked in Canada and Italy apply for pension benefits based on their affiliation to each country`s pension system. The SSA also allows for continuity of social security coverage when people are temporarily sent to the other country by their employer, and prevents dual coverage for the same work through both countries` social security programs. 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. Two cultural agreements are in force between Canada and Italy: one on film co-productions and the other on cultural cooperation. 6. Japan is Italy`s 6th largest trading partner outside the EU. 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. Bilateral trade in services between Canada and Italy totalled nearly $1.9 billion in 2018, with Canadian exports accounting for $484 million and imports for $1.4 billion. The stock of foreign direct investment in Canada from Italy was estimated at $1.5 billion in 2018, while the stock of Canadian direct investment in Italy in the same year was $1.1 million. Italy remains a priority country to attract investment to Canada, and Italian companies are showing strong and growing interest in areas such as energy, agri-food, automotive, manufacturing, and information and communications technologies. 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 had active relations with the countries of Eastern Europe, Libya and the Palestinian peoples in the past. 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 exposed 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). Italy and Japan already have close trade relations. The trade agreement between the EU and Japan will give it a big boost. EUR 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. 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. Italy also participates in EU/EC dispute settlement procedures. Italy`s members to international organizations That Canada and Italy work closely together on science, technology and innovation (STI) initiatives, with the shared recognition that advances in STI are key to economic prosperity. Canada is a privileged its partner for ITALY because of the personal ties established between countries, the countries` openness to cooperation and their common areas of interest.

A Canada-Italy ITS Action Plan signed in January 2015 identifies the Arctic, marine sciences, life sciences and aerospace, and agriculture and agri-food as areas of joint cooperation. A broad effort is being made to strengthen bilateral STI cooperation in priority technology sectors by targeting subject matter experts, public research laboratories and universities through proactive partnership initiatives in key sectors such as aerospace, green buildings and infrastructure, marine technologies and space. Canada is also one of the four priority countries of the Italian National Research Council of Canada for cooperation […].