Italy officially quits China's Belt and Road initiative

 

Italy has officially communicated its withdrawal from China's Belt and Road Initiative (BRI), according to two government sources cited by Reuters on Wednesday. The move brings an end to months of uncertainty regarding Italy's participation in the ambitious project.

In 2019, Italy made history by becoming the first major Western nation to join the BRI, despite concerns raised by the United States about potential risks related to China gaining control over sensitive technologies and critical infrastructure. However, Prime Minister Giorgia Meloni, who assumed office last year, expressed her desire to terminate the agreement, asserting that Italy had not reaped substantial benefits from the initiative modeled on the ancient Silk Road connecting China to the Western world.

The initial agreement, inked in 2019, was set to expire in March 2024, with automatic renewal unless Rome provided a written notice of withdrawal at least three months in advance. A government source confirmed that Beijing had received a letter in the "recent days," formally informing the Chinese government of Italy's decision not to renew the pact.

Despite the exit from the Belt and Road Initiative, Italian officials emphasized their commitment to maintaining positive relations with China. A second government source highlighted that other G7 nations, which were never part of the BRI, have closer ties with China. Italy is set to assume the presidency of the G7 in 2024.