According to Bloomberg, Italy has officially exited China’s Silk Road Initiative, which, according to Foreign Minister Antonio Tajani, is because BRI has not produced the desired effects.
China has been formally informed by Italy’s government, led by Prime Minister Giorgia Meloni, that Italy is leaving the Belt and Road Initiative. This action validates months-long rumors that Rome intended to withdraw from Beijing’s global infrastructure initiative, in which Chinese banks finance projects ranging from power plants, highways, ports, trains, and telecommunications infrastructure.
According to Bloomberg, BRI “has not produced the desired effects” and is no longer “a priority.” Foreign Minister Antonio Tajani made this claim.
Tajani gave a speech earlier today at an Adnkronos newswire-hosted event in Rome. According to him, ex-BRI nations “have better results” in terms of economic expansion.
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According to Bloomberg data, Italy’s trade deficit with China skyrocketed after the BRI agreement, increasing its reliance on Chinese imports.
The first nation from the Group of Seven (G7) to join the BRI in 2019 was Italy. Italy has decided to back out of the agreement, which was set to expire after five years.
Meloni has made it quite evident that she is leaving the BRI since taking office last year. Joining, she said, was a “big mistake.”
Italian Defence Minister Guido Crosetto recently called the country’s intention to join the BRI a “improvised and atrocious act.”
According to a Reuters source, Beijing received the notice of termination “in recent days.”
“We have every intention of maintaining excellent relations with China even if we are no longer part of the Belt and Road Initiative,” a second government source said.
“Other G7 nations have closer relations with China than we do, despite the fact they were never in (the BRI),” the source added.
This occurs at a time when Washington and Beijing’s deteriorating relations have put Europe in the crossfire.
Jia Guide, China’s ambassador to Italy, issued a warning that the BRI departure would have “negative consequences” concurrently.
Beijing suffers more from Italy’s exit as the BRI nations struggle with debt.