Italy to exit Belt and Road Initiative, informs China at G20 Summit
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New Delhi: During a meeting on the sidelines of the Group of 20 (G20) summit held in India, Italy's Prime Minister, Giorgia Meloni, reportedly conveyed to Chinese Premier Li Qiang that Italy is planning to withdraw from Chinese President Xi Jinping's signature Belt and Road Initiative.
This significant development came to light as Italy navigates its relations with both China and the United States.
While maintaining a commitment to preserving friendly relations with Beijing, Italy has privately signalled its intent to exit the Belt and Road Initiative, a global investment pact that Italy officially joined in 2019. The decision-making process within the Italian government regarding how to communicate this withdrawal has been cautious, with concerns about potential trade repercussions and retaliation, reported Bloomberg.
Earlier this year, reports emerged suggesting Italy's intention to withdraw from the initiative, a move that has been monitored by its international allies. Prime Minister Meloni has grappled with the challenge of delivering this decision to China while minimising the risk of economic or diplomatic fallout.
To address the matter sensitively, Meloni has announced her intention to visit China in the coming months, recognising the delicacy of the situation. Notably, China's ambassador to Italy had previously issued warnings of "negative consequences" should Italy decide to withdraw from the Belt and Road Initiative.