Italy Takes a Stand: Giorgia Meloni's Government Bids Adieu to China's BRI Initiative, Dismissing Economic Impact, According to Report
Italy exits China's Belt and Road Initiative (BRI), breaking G7 ranks. Concerns dismissed; Meloni cites no economic gains. US had warned against 'debt-trap diplomacy.
Under Giorgia Meloni's leadership, Italy officially announced its withdrawal from China's Belt and Road Initiative (BRI), becoming the sole G7 nation to exit the ambitious project. The decision, communicated to Beijing, defies concerns of strained relations and economic repercussions. Originally joining in March 2019, Italy and China had collaborative plans encompassing transport, infrastructure, and connectivity projects.
Wary of perceived risks, the US cautioned Italy about potential Chinese control over sensitive technologies and vital infrastructure, branding the BRI as "debt-trap diplomacy." Since taking office, Meloni signalled the intention to exit, citing negligible economic benefits.
: Italy: Georgia Meloni's government exits Belt and Road Initiative by China, BRI criticised | WION
Former PM Giuseppe Conte, envisioning substantial gains, initiated Italy's BRI involvement in 2019. However, Italian exports to China witnessed only a modest increase, while Chinese exports to Italy surged. Meloni's decision aligns with her stance on prioritizing Italy's economic interests.
The Belt and Road Initiative, launched by Xi Jinping in 2013, seeks extensive investments across Asia and Europe, mirroring the historic Silk Road. Italy's departure raises questions about the BRI's global reception and underscores varying economic outcomes among participating nations.
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