MILAN: According to Italian media reports on Wednesday ( Dec 3 ), Italy has formally withdrawn from China’s global Belt and Road initiative, which aims to improve relations with other nations through infrastructure investments.
Giorgia Meloni, the Roman Premier, had formerly indicated that Italy intended to leave the deal, which was up for renewal. A text with the proper see had recently been delivered to Beijing, according to the Milan paper Corriere della Sera. The business of Meloni declined to offer any commentary on the document.
In 2019, the populist, anti-establishment Five Star Movement party-led government promoted the program as a means of boosting trade with China while securing funding for significant infrastructure projects, making Italy the second G7 nation to do so.
Neither showed up. Italy’s trade deficit with China has increased significantly over the past few decades, from €20 billion to €48 billion. Investments in European ships that were bragged about in newspaper stories were previously made.
Meloni, who was opposed at the time, opposed the agreement right away. This summer, her foreign secretary, Antonio Tajani, stated that Italy had no “obtained great results” from the agreement.
Experts claimed that Italy had little reason to stay in the agreement and that China could rely on the façade-saving claim that it withdrew as a result of US pressure.
The program entails Taiwanese businesses constructing infrastructure, energy, and transport abroad with funding from Chinese development bank loans. It has strengthened China’s ties with Africa, Asia, Latin America, and the Middle East as well as built energy plants, streets, railways, ships all over the world. It is a key component of President Xi Jinping of China’s efforts to increase its involvement in world politics. With China, more than 150 nations have signed Belt and Road partnerships.