In recent years, Canada and Italy have adopted new or amended existing instruments to promote the strengthening of bilateral contacts, travel and business and to facilitate official relations between the two governments. These bilateral instruments cover a wide range of subjects, from double taxation to airworthiness and judicial cooperation. All bilateral agreements between Canada and Italy are available on the Government of Canada`s web portal under the following Www.treaty-accord.gc.ca. In 2016, trade between Canada and Italy was $9.88 billion.  Canada`s main exports to Italy include pharmaceuticals, cereals and mineral fuels. Italy`s main export products to Canada are nuclear reactors and machinery, beverages and vehicles (parts and engines).  Italy is Canada`s 8th largest trading partner in the world and 3. the largest trading partner in the European Union. At the end of 2016, Italy was ranked the 28th largest FDI investor in Canada.
In terms of European countries, Italy ranked 15th.  In October 2016, Canada and the European Union (of which Italy is a part) signed the Comprehensive Economic and Trade Agreement, a free trade agreement between Canada and the European Union. Bilateral trade in services between Canada and Italy totaled nearly $US 1.9 billion in 2018, with Canadian exports accounting for $US 484 million and imports $US 1.4 billion. The stock of foreign direct investment from Italy in Canada was estimated at $1.5 billion in 2018, while the stock of Canadian direct investment in Italy was $1.1 million in the same year. Italy remains a priority country for investment in Canada and Italian companies are taking a strong and growing interest in sectors such as energy, agri-food, automotive, manufacturing, and information and communications technology. Canada and Italy work closely together in the area of science, technology and innovation (STI) initiatives, with the common realization that advancing ITS is the key to economic prosperity. Canada is a privileged STI partner for Italy because of the personal relationships established between countries, the countries` openness to cooperation and their common areas of interest. A Canada-Italy ITS Action Plan, signed in January 2015, identifies the Arctic, marine sciences, life sciences and aerospace, and agriculture and agri-food as areas of joint cooperation. .