U.s. Italy Trade Agreements

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The United States and Italy have a long history of trade relations, dating back to the 1800s. Today, the two countries still maintain a strong economic partnership, with Italy being the United States` 12th largest trading partner.

The current trade agreements between the United States and Italy are primarily governed by the World Trade Organization`s rules and regulations. However, there are several bilateral agreements between the two countries that have helped to further boost trade and investment.

One such agreement is the U.S.-Italy Bilateral Investment Treaty (BIT), which was signed in 1990 and came into effect in 1994. This treaty provides protection for U.S. investors in Italy and Italian investors in the United States, including protection against expropriation, fair and equitable treatment, and the right to transfer funds.

Another key agreement is the U.S.-Italy Trade and Investment Framework Agreement (TIFA), which was signed in 2019. This agreement is aimed at promoting trade and investment between the two countries and addressing issues related to intellectual property rights, transparency, and regulatory cooperation.

In addition to these bilateral agreements, the United States and Italy also participate in several multilateral trade agreements. Both countries are members of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD).

The United States and Italy also participate in the Transatlantic Trade and Investment Partnership (TTIP) negotiations. The TTIP is a proposed free trade agreement between the United States and the European Union, of which Italy is a member. The agreement aims to eliminate tariffs and other trade barriers between the two regions and promote greater investment and economic growth.

The COVID-19 pandemic has had a significant impact on trade between the United States and Italy, with disruptions to global supply chains and decreased demand for certain goods. However, both countries have taken measures to support trade and investment, including financial assistance for businesses and regulatory changes to facilitate trade.

In conclusion, the United States and Italy have a strong and longstanding economic partnership that is governed by several bilateral and multilateral trade agreements. While the COVID-19 pandemic has had an impact on trade between the two countries, both are committed to promoting greater economic cooperation and growth in the future.