Italy pulls out of China’s Belt and Road Initiative, reports Xi Jinping News

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News Team

Italy’s Prime Minister, Giorgia Meloni, has made the decision to withdraw from China’s Belt and Road Initiative (BRI), a move that has been met with both criticism and support. Italy had been the only Group of Seven (G7) nation to sign up for the BRI, but after more than four years, they have decided to pull out.

The Belt and Road plan is a massive project that involves investing in infrastructure such as roads, bridges, and ports to recreate the ancient Silk Road trade routes linking Europe and Asia. However, critics of the initiative have raised concerns that it is a way for Beijing to expand its geopolitical influence and saddle poorer countries with unsustainable debts.

Italy’s decision to withdraw from the BRI was communicated to Beijing in a recent letter, according to reports from news agencies Reuters and AFP. The Italian government has stated that they intend to maintain excellent relations with China, despite no longer being part of the Belt and Road Initiative.

Italian Prime Minister Giorgia Meloni, who took office last year, has expressed a desire to withdraw from the BRI, citing the lack of substantial benefits for Italy. The 2019 agreement is set to expire in March 2024, with automatic renewal unless Rome provides three months’ written notice of withdrawal. However, there is concern about provoking Beijing and risking retaliation against Italian companies.

In 2019, Italy became the first major Western nation to participate in the BRI, despite concerns from the United States about China gaining control over crucial technologies and infrastructure. The decision to withdraw from the initiative has been met with mixed reactions, with some supporting Italy’s move and others expressing concern about the potential consequences.

Italy’s decision to withdraw from the BRI is significant, as it marks a shift in the country’s approach to its relationship with China. The move has raised questions about the future of Italy’s economic and political ties with Beijing, as well as the potential impact on other G7 nations’ relations with China.

Overall, Italy’s withdrawal from the Belt and Road Initiative has sparked debate and speculation about the implications for the country’s future, as well as the broader geopolitical landscape. It remains to be seen how this decision will impact Italy’s relationship with China and its position within the international community.

World, Politics, Travel

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