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    Italy may not extend Belt and Road Initiative agreement with China in 2024

    Italy may not extend Belt and Road Initiative agreement with China in 2024

    Italy's defense minister, Guido Crosetto, strongly criticized his country's decision to join China's Belt and Road Initiative (BRI), referring to it as "improvised and atrocious," BBC reports.

    Italian Minister of Defence Guido Crosetto arrives to take part in the European Air Defence Conference gathering 18 Defence ministers, at Les Invalides in Paris on June 19, 2023.
    Source: Reuters

    He argued that the BRI has not provided significant benefits to Italy's exports and has instead favored China as the main beneficiary. Italy's participation in the global investment program, which aims to rebuild the old Silk Road trade route and connect China with Europe and beyond, was met with disapproval from its Western allies.

    Since joining the BRI in 2019, Italy has faced concerns from the EU and the US, who view the initiative as a means for China to expand its influence worldwide. The BRI involves China providing funding for large-scale infrastructure projects globally to facilitate the transportation of Chinese goods to more distant markets.

    Mr. Crosetto emphasized the need for Italy to find a way to exit the deal without damaging its relations with Beijing, acknowledging that China is both a competitor and a partner. As China has become more assertive on the international stage, Italy must carefully consider how to withdraw from the initiative without causing disruptions.

    Italy's biggest container port Gioia Tauro is seen from a helicopter in the southern Italian region of Calabria, November 8, 2012.
    Source: Reuters

    The BRI agreement with China is set to be automatically renewed in March 2024, unless Italy officially requests to withdraw by December of this year. "We'll take a decision before December," Meloni told U.S. broadcaster Fox News in an interview aired on Sunday, adding that the issue required discussions with the Chinese government and within the Italian parliament.

    China's foreign ministry has actively engaged in diplomatic efforts to persuade Italy to continue its participation, sending senior officials to lobby the country in support of the initiative. Despite the criticism and discussions surrounding Italy's involvement, China maintains that both nations have experienced positive outcomes and cooperation under the Belt and Road Initiative.

     

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    31.07.2023, 00:06   Comments (0)   1713
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