Geneva (24 March 2011): The Italian Ministry for Economic Development has submitted an official membership application to the Secretariat of the Precious Metals Convention. Italy is now officially an Applicant State to the Convention and enjoys the status of an Observer. An Inspection Team, set up by the Standing Committee, will visit Italy in the coming months. The purpose of the visit is to ensure that Italy can apply the Convention's requirements. The Team's report will be submitted to the Standing Committee at its next meeting in Warsaw (Poland) on 19 September 2011.