Rome has said that it wants to get out of the Belt Road Initiative deal, which has turned ‘atrocious’.
Italy’s defence minister Guido Crosetto believes that China is the only winner in this trade arrangement. He told reporters that Italy wants to exit the BRI deal without adversely impacting its relations with Beijing.
The deal hasn’t helped Italy
“The decision to join the (new) Silk Road was an improvised and atrocious act that increased Chinese exports to Italy without having the same effect on Italian exports to China,” Crosetto told Italian newspaper Corriere della Serra.
He added, “The issue today is: how to walk back (from the BRI) without damaging relations (with Beijing). Because it is true that China is a competitor, but it is also a partner.”
Italy was the first developed country to join the Belt Road Initiative which seeks to open the European market to Chinese goods. Under this arrangement, China invests in infrastructure in partner countries so that Chinese products can reach these markets.
However, this trade deal hasn’t helped Italy much, the minister says.
Several western nations had expressed their concerns about Italy joining the BRI project.
China wants to retain Italy
According to the BBC, Italy believes that China is becoming more assertive globally and therefore leaving this trade deal is good for Rome.
In May this year, Italian prime minister Georgia Meloni said she wanted to talk to China regarding a possible exit. BBC says the deal is due for renewal in 2024 but Rome can formally request to quit BRI as early as December 2023.
China wants Italy to stay in the Belt Road Initiative. In a statement, Beijing said “China and Italy should further explore their cooperation potential”. China’s foreign ministry added both countries should “strengthen mutually beneficial cooperation to seek more fruitful cooperation results.”
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