Québec and Italy enjoy a long-standing relationship. They cooperate in areas of arts and culture, in social affairs and in business and technology. In fact, for over 50 years now, the Government of Québec operates its own Delegation in Italy. This presence has allowed Québec to develop and maintain close productive ties with Italy. Québec and Italy are close economic partners.
With the recent signature of the Canada-European Union Comprehensive Economic & Trade Agreement (CETA), we expect ties between Québec and Italy to strengthen and to intensify. For Québec companies, CETA represents huge opportunities for investment and easier access to a market of 500 million consumers. We are convinced that Italy offers remarkable business opportunities and that, more importantly, it is a bridge to the EU market.
Québec, on the other hand, is a key player between Italy and North America. The Italian and Québec economies are similar. Both value innovation and know-how and both seek expertise that can give rise to interesting networks, increased trade and strategic partnerships.
Promoting Québec & Italian Expertise
In 2014, the Government of Québec and the Lombardy Region signed a 5-year bilateral agreement relating to Research and Innovation. This agreement provides for collaborations in advanced manufacturing, as applied to aerospace, agri-food and micro and nanotechnologies industries. This agreement, which promotes Québec and Italian expertise, will lead to the creation of joint research projects and allow researchers greater mobility.
International Political Economics
Québec’s Economic Priorities
Trade in goods between Italy and Québec
Evolution of trade
Between January and November 2018, trade in goods between Québec and Italy amounted to C$3.162 billion, an increase of 37.2% over the same period in 2017. This increase is the result of the combined effect of increased exports (+ 41.3 C$million) and imports (+ 159 C$million), and the implementation of CETA.
During the period under review (2014-2017), the average annual trade value increased (16.6%).
As one of Québec’s five leading markets in Europe, Italy represents an ideal port of entry for Québec companies to the countries in the Mediterranean basin due to its strategic geographic location and economic relations with these countries.
Source : Statistics Canada
Evolution of the trade of goods between Québec and Italy, 2014-2017 (in millions of dollars)
Source : Statistique Canada