Italy left China's Belt and Road initiative
Italy has formally communicated its decision to withdraw from the Belt and Road Initiative (BRI) to China, according to government sources, dispelling concerns about potential strain on diplomatic relations and economic repercussions for Italy. The move comes after Italy, in 2019, became the first major Western nation to join the trade and investment program, a decision that drew warnings from the United States over potential risks to sensitive technologies and critical infrastructure.
Prime Minister Giorgia Meloni, who assumed office last year, expressed her intention to terminate the agreement, citing a lack of substantial benefits for Italy. The initial accord, inked in 2019, is set to expire in March 2024, and an anonymous Italian government source revealed that Rome recently dispatched a letter to Beijing, formally notifying China that the pact would not be renewed. The pact would automatically be renewed if the Italian government hadn't informed the Chinese government 3 months prior to the expiry date next March.
China's foreign ministry responded, emphasizing the global impact and appeal of the Belt and Road Initiative, without specifically criticizing Italy for its decision. Wang Wenbin, a spokesperson for the foreign ministry, asserted China's opposition to actions that smear Belt and Road cooperation and create divisions.
Despite the withdrawal, the same government source affirmed Italy's commitment to maintaining "excellent relations with China." Notably, Italy plans to assume the presidency of the G7 in 2024.
Over 100 countries have joined China in signing agreements related to BRI infrastructure projects since its launch in 2013. Former Prime Minister Giuseppe Conte, who signed Italy onto the initiative in 2019, envisioned significant trade benefits. However, trade data indicates that Chinese firms were the primary beneficiaries.
Italian exports to China totaled €16.4 billion ($17.7 billion) in the past year, up from €13 billion in 2019. In contrast, Chinese exports to Italy surged from €31.7 billion to €57.5 billion during the same period, as per Italian data.
Despite concerns, Italy aims to maintain strategic ties with China. Foreign Minister Antonio Tajani visited Beijing in September, and President Sergio Mattarella is scheduled to visit China next year. Prime Minister Meloni, a staunch supporter of NATO, had assured U.S. President Joe Biden earlier this year that Italy would exit the BRI, aligning with her commitment to pro-NATO leadership.
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