Italy considers withdrawing from Belt and Road Initiative

Prime Minister Meloni said Italy is evaluating the possibility of withdrawing from China's Belt and Road Initiative, after four years of participation.

"Italy can maintain good relations with China, even in important areas of mutual interest, without necessarily participating in a comprehensive strategic plan," Italian Prime Minister Giorgia Meloni said on May 28, referring to the possibility of withdrawing from the Belt and Road Initiative (BRI) initiated by China.

The statement was made by Ms. Meloni after Bloomberg on May 9 quoted sources saying that the Italian Prime Minister had signaled to the US that Rome planned to withdraw from the BRI before the end of this year.

In an interview with the daily Il Messaggero yesterday, Prime Minister Meloni said that Italy is the only G7 member participating in the BRI initiative, but is not China's main trading partner in the West or Europe.

She said she had not yet made a final decision on whether to withdraw from the BRI, as the issue was "very sensitive and affected many interests".

Italian Prime Minister Giorgia Meloni in Rome in November 2022. Photo: Reuters

Italy joined the BRI in 2019, under Prime Minister Giuseppe Conte. The BRI is an initiative launched by China in 2012 to strengthen trade routes connecting China with Europe, the Middle East and Africa. Beijing has spent more than $900 billion on infrastructure projects under the initiative.

Prime Minister Meloni's government must make a final decision on withdrawing from the BRI by December 22, otherwise the agreement will automatically be extended for another five years.

Europe is looking to recalibrate its relationship with China, aiming to reduce its dependence on Beijing, but also trying to avoid completely separating from the world's second-largest economy.

Ngoc Anh (According to Bloomberg )

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