Italian Prime Minister Giorgia Meloni signaled plans to separate from China's Belt and Road Initiative (BRI), noting that a final decision on the matter is still being discussed.
Earlier in the day, Italian media reported that the nation would end its involvement with Beijing's BRI and revitalize a strategic partnership agreement with China instead. It would seek to foster economic cooperation, first signed in 2004.
Italy's Relations With China
Italy is currently the only G7 nation that has signed up to China's BRI, a global trade and infrastructure plan modeled on the old Silk Road that linked imperial China and the West.
Next year, Italy will hold the G7 presidency, and recasting its relationship with Beijing is expected to appease its Western allies. The latter is concerned about China's rising influence, and the move is set to reduce the risk of backlash from the Asian superpower, as per Reuters.
In a statement during a press conference following the G20 summit of the world's major economies in New Delhi, Meloni said that there are European nations in the last few years that have not been part of the BRI but have gained favorable relations with China than what Italy, which is a part of the initiative, has sometimes managed.
On Saturday, the Italian prime minister also met with Chinese Premier Li Qiang on the sidelines of the G20 summit and described the talks as polite and constructive. She added that the issue now is how to guarantee a beneficial partnership for both parties involved, leaving aside her nation's decision regarding the BRI.
The Italian prime minister noted that China's government renewed an invitation for her to visit Beijing but said they had not set a date yet. The Italian government has also received an invitation to a BRI Forum that Beijing will host in October.
Beijing's Belt and Road Initiative
Meloni's office issued a statement on Saturday where she mentioned the 20th anniversary of a separate Global Strategic Partnership next year that was initially signed by China and a government led by Silvio Berlusconi in 2004, according to Yahoo News.
Italy is poised to pursue an otherwise strong economic relationship with China, even with the possibility of ending its ties with the BRI. Meloni also acknowledged that the issue is delicate and must be carefully managed due to bilateral trade and international relations.
The situation comes as China has tried to tout the initiative's benefits. Foreign Minister Wang Yi told Antonio Tajani last week that bilateral trade has grown from roughly $50 billion to nearly $80 billion. The former also noted that Italy's exports to China had increased nearly 30% over the past five years.
However, the Italian foreign minister recently said they have not seen great results from the initiative. He also stressed that Italy was still intent on reinforcing trade with China even if lawmakers decide that they want to stop their involvement with the BRI, said the Associated Press.
