India and Italy have announced a major joint initiative to counter the financing of terrorism, marking a significant step in strengthening bilateral cooperation on global security challenges. Prime Minister Narendra Modi met his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Johannesburg on Sunday, where the two leaders reaffirmed their commitment to deepening ties across defence, trade, technology and strategic security.
PM Modi described the discussions as “very good” and noted that the India–Italy Strategic Partnership continues to grow “from strength to strength,” benefiting people of both nations. In a social media post, he confirmed that the two countries were launching a coordinated initiative aimed at disrupting terror financing networks.
Joint framework targets global terror funding networks
During their meeting, PM Modi and Meloni formally adopted the India–Italy Joint Initiative to Counter Financing of Terrorism, a structured framework that aims to dismantle terror networks, obstruct illicit financial flows and improve global coordination against money laundering.
The Ministry of External Affairs (MEA) stated that the initiative will deepen cooperation both at the bilateral level and through major multilateral platforms, including the Financial Action Task Force (FATF) and the Global Counter Terrorism Forum (GCTF).
Key areas of enhancement include:
- Stronger information-sharing mechanisms
- Advanced capacity-building programmes
- Closer coordination on tracking and blocking terror funding channels
The Italian Prime Minister also expressed solidarity with India following the terror incident in Delhi earlier this month. On November 10, a high-intensity car blast near the Red Fort Metro Station killed at least 15 people and injured more than 20. Meloni conveyed Italy’s commitment to working jointly with India to combat terrorism in all its forms.
Bilateral ties show rapid growth across sectors
PM Modi and Meloni reviewed developments under the India–Italy Strategic Partnership, expressing satisfaction with the progress made in multiple domains. The MEA highlighted that both leaders positively assessed cooperation in:
- Trade and investment
- Defence and security
- Space collaboration
- Science and technology
- Education and skill development
The leaders also took stock of ongoing engagements under the Joint Strategic Action Plan 2025–29, which aims to boost economic growth, innovation exchange and institutional cooperation between the two nations.
This year’s bilateral business fora in New Delhi and Brescia saw robust participation from industries, reflecting rising investor confidence. Italy reiterated support for concluding a mutually beneficial India–EU Free Trade Agreement and expressed optimism about the AI Impact Summit, which India will host in 2026.
Growing economic partnership
India–Italy trade reached approximately USD 15 billion in 2023–24, driven by expanding industrial and technological collaborations. Italy’s Foreign Direct Investment in India has crossed USD 4 billion since 2000, spanning key sectors such as:
- Manufacturing and engineering
- Infrastructure
- Fashion and design
- Automotive components
- Renewable energy
The Johannesburg meeting follows an earlier interaction between Modi and Meloni at the G7 Summit in Kananaskis earlier this year. Both leaders reaffirmed their intention to further strengthen the partnership in the coming years.
Conclusion
The new joint initiative marks a significant advancement in India–Italy cooperation against global terrorism. With expanded partnerships across trade, defence and innovation, the two countries are positioned to build a more comprehensive strategic relationship, reinforcing their role in promoting international security and stability.