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Intesa Sanpaolo,Italy risks losing opportunities in the East

Due to Russian crisis, decline in trade with Eurasian Union

29 May, 09:33
(ANSA) - ROME - The eastward shift, away from Europe, of the centre of world's economic gravity caused by geopolitical tensions with Russia, will damage not only the EU, but also the whole Italian economic system, if the country does not arrange its affairs in accordance with the new rules. This is what Antonio Fallico, president of Banca Intesa Russia and chairman of the Association "Conoscere Eurasia" said, opening the kick-off meeting of the Eurasian Seminar, organized in Rome by "Conoscere Eurasia" together with St. Petersburg International Economic Forum and in collaboration with Intesa Sanpaolo, Banca Intesa Russia and the law firm Gianni Origoni Grippo Cappelli & Partners. According to the Management of the Research Department of Intesa Sanpaolo, which processed the Istat data, the trade exchange between Italy and the Eurasian Economic Union (4 members) in 2014 stood at about 30 billion, with a 18% decrease over the previous year. This decline is continuing even in the first two months of 2015, with a 30% decrease in imports, whereas exports dropped by more than 31%. Italy is the second European supplier after Germany, thanks to exports of machinery and electrical and electronic equipment (40%), textile products and clothing (20%), agricultural products and food (6.2%).


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