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Italy Tells China It Will Exit Belt and Road Investment Pact

  • Minister says joining pact hasn’t produced ‘desired effects’
  • Italy’s participation in program was due to expire in March
Antonio TajaniPhotographer: Tobias Schwarz/AFP/Getty Images

Antonio TajaniPhotographer: Tobias Schwarz/AFP/Getty Images

The government of Italian Prime Minister Giorgia Meloni formally told China it would exit the Belt and Road Initiative, dealing a fresh blow to Beijing’s ambition to expand the massive investment program.

The pact “has not produced the desired effects” and is no longer “a priority,” Foreign Minister Antonio Tajani said at a Rome event Wednesday hosted by newswire Adnkronos. Countries not part of the pact “have had better results,” he added.
 

GERMANY-ITALY-POLITICS-DIPLOMACY
Antonio TajaniPhotographer: Tobias Schwarz/AFP/Getty Images


Meloni has for months been preparing the ground diplomatically to put an end to Chinese President Xi Jinping’s signature program. Italy was the only Group of Seven country to join the pact, launched a decade ago to boost economic ties and expand the influence of the world’s second-biggest economy.

Italy, like much of Europe, has been caught in the middle as tensions escalate between Washington and Beijing, and that’s been compounded by China’s support for Russia since it invaded Ukraine. The announcement comes as European Union leaders are due to visit China with a message that time is running out for Beijing to address a list of economic grievances before the bloc is forced to react.

European countries are struggling to balance a desire to engage with China on trade and investment while pushing back against claims of economic coercion and human rights concerns, as well as risks associated with becoming too dependent on supplies from China.

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Author: Editors Desk

Source: Bloomberg

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