Italy-Saudi relations enter new era with strategic deals and cooperation

Premier Giorgia Meloni said Italy and Saudi Arabia have an interest in boosting strategic ties in a number of sectors, CE Report quotes ANSA.

"Italy and Saudi Arabia have an interest in tightening strategic relations" on various themes, she noted.

Italy has signed cooperation and industrial agreements worth some 10 billion euros with Saudi Arabia as part of a boosted strategic partnership between the two countries, Meloni said after meeting Saudi Crown Prince Mohammed bin Salman in Al'Ula.

Speaking about the situation in the Middle East, Meloni told reporters at the end of her visit to the country that Saudi Arabia is a "key actor".

In particular, she noted that, "regarding the hypothesis that we support of a normalization and a two-State solution, the normalization of relations between Arabia and Israel can facilitate the process".

She also noted this was true "in Lebanon as well, where Saudi has a key role in the strengthening of Lebanese institutions and in the election of the new president".

Meloni went on to say that in Syria also, Saudi Arabia is a "country committed to stabilization".

"Arabia is objectively an actor which, in the Middle East as well as in Africa, has a very important role of stabilization and normalization" and represents "an interlocutor with whom it is important to work together".

The premier then told reporters that she was in favour of the GCAP combat aircraft accord with the UK and Japan expanding to include Saudi Arabia, although the process would "not be immediate".

Meloni also spoke about tariffs, calling for dialogue as a "clash wouldn't benefit anyone".

"Dialogue and a balanced solution" are the way to deal with tariffs "so I will do what I can" to find "solutions together with the US administration", she noted.

"The issue of the commercial surplus is not a matter born with [Donald] Trump's presidency, it was an issue often posed by American administrations", Meloni explained.

"In 2023, the trade surplus between Europe and the United States was of over 150 billion in favour of Europe - it's an important figure", she noted, adding that she "understood the point of view of the United States: it is the same matter that, for example, we pose to China".

However, the premier noted that, "if we looked at the overall figure, involving for example the theme of trade in services, then there the trade balance would be in favour of the United States by some 100 billion, showing that the economies are complementary and interconnected and so we say that a clash doesn't benefit anyone".

Meloni said relations between Italy and Saudi Arabia have reached a new high as she took part in a high-level round table in Al'Ula.

"We are all aware that the relationship between the Italian and Saudi economic and financial systems has much room for growth: it is in our common interest to make a qualitative leap," said Meloni, who is on a three day visit to Saudi Arabia and Bahrain.

"There is huge untapped potential in our cooperation, and this visit can open a completely new phase in our partnership, and that is why we have elevated our bilateral relations to the level of strategic partnership".

She added that deals worth a total of 10 billion dollars signed on Sunday "constitute platforms on which to build further opportunities together."