China’s Belt And Road Initiative
Defence Minister of Italy, Guido Crosetto recently in a statement expressed that Italy is not gaining much from China’s Belt and Road initiative (BRI). He explained that the initiative has done only a little to grow Italy’s exports to China. On the contrary, China has made all the profits with this initiative. The decision to join the (new) Silk Road, according to Mr. Crosetto, was “an improvised and atrocious act” that enhanced Chinese exports to Italy without having a similar impact on Italian exports to China.
Italy joining BRI was not much appreciated
Italy joined the BRI in 2019 as the first developed economy, which was challenged by its Western friends. Through the reconstruction of the former Silk Road trade route, the global investment initiative hopes to link China with Europe and other continents.
In order to get Chinese goods to international markets faster, China participates in it by supporting significant infrastructure projects all over the world.
It’s been criticised for being a weapon of Chinese influence-peddling. When Italy agreed to join the programme four years ago, the EU and the US both raised their concerns.
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Italy bailing out on China’s Belt and Road Initiative
Mr. Crosetto claimed that Italy must now figure out a way to exit the agreement without harming its relations with Beijing. “The issue today is: how to walk back (from the BRI) without damaging relations (with Beijing). Because it is true that China is a competitor, but it is also a partner,” Mr Crosetto said. He said Italy would have to consider how to exit “without producing disasters” as Beijing has grown more forceful on the international stage.
Since May, when Prime Minister, Giorgia Meloni stated she wanted talks with China about possibly leaving the BRI, there has been heated debate over whether Italy should stay in the BRI. Unless Italy formally requests to leave it by December of this year, it will automatically renew in March 2024.
