Would Italian neutrality preserve naval cooperation with Spain?

If Italy remained neutral during the Second World War, would its naval cooperation with Spain continue?

Possibly, because two neutral powers could keep working together, but either might also distance itself to signal restraint or avoid being pulled into war by the other.

The panel does not assume that shared neutrality would automatically deepen the relationship. Italy and Spain could continue exchanging designs or services because neither was formally at war. At the same time, cooperation might look provocative to belligerents or allow one partner's actions to endanger the other. Either government could therefore restrict the relationship to demonstrate that it was not preparing hostile moves. Neutral-state collaboration could therefore become an alliance liability even without a formal alliance.