In a major development during the ongoing G20 Summit in New Delhi, Italy informed China about its intention to leave the Belt and Road Initiative. According to reports, Italian Prime Minister Giorgia Meloni privately told Chinese Premier Li Quiang about Italy’s plan to pull out of the initiative during a bilateral meeting on Saturday on the sidelines of the G20 summit in Delhi. This comes just a day after Italy along with 7 other countries signed the MoU India – Middle East – Europe Economic Corridor, which has been viewed as an answer to the BRI of China.
According to a report by Italian media house Corriere Della Sera, Giorgia Meloni had a meeting with Li Quiang in a room at the G20 Summit venue. After the meeting was over, officials told the media that the ‘question of the Silk Road was been brought at the highest levels of discussion.’ The officials indicated that the Italian PM had informed her Chinese counterpart that Italy intends to exit the strategic project.
However, the Italian PM clarified that the decision was not influenced by the USA, adding that the relations between Beijing and Rome can continue to be positive and even grow without the BRI project. She talked about revitalising strategic partnership agreements with China with other ties, in an effort to ensure that withdrawing from the Belt and Road Initiative does not mean abandoning ties with China.
While Li Qiang asked Meloni to have a rethink over the issue, he appreciated Italy’s intention to leave the project but maintain trade and political relations with China, Corriere Della Sera wrote. The publication added that the Italian PM was relieved that the conversation was fruitful and that she was able to explain her government’s position to the Chinese premier.
Italy is the only G7 nation to have entered the Belt and Road Initiative of China, a global trade and infrastructure plan modelled on the old Silk Road that linked imperial China and the West. For some time, Italy has been considering leaving the initiative, as the country is not happy with its outcome. Ahead of the G20 Summit, Italian Foreign Minister Antonio Tajani had said last week that trade between Italy and China has not improved as expected since Rome joined Beijing’s Belt and Road Initiative four years ago.
He had said, “We want to continue to work closely with China, but we must also analyse exports; the Belt and Road Initiative has not produced the results we were hoping for.” During G7 Summit last year Italian PM Mario Draghi had remarked that China’s expansionist ‘Road and Belt initiative’ will be assessed carefully.
While not discussed officially, Italy being part of the BRI has been a matter of concern among other G7 nations. Italy will be the G7 president next year, and it is expected that it will leave the Chinese initiative within this year.
Yesterday at the G20 Summit in Delhi, India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union Commission have jointly signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor (IMEE EC). This corridor is set to be a rival to the BRI of China. This initiative aims to foster economic development by bolstering connectivity and economic integration across Asia, the Middle East, and Europe.
The IMEE EC will comprise two distinct shipping corridors: the East Corridor linking India to West Asia/Middle East and the Northern Corridor connecting West Asia/Middle East to Europe. The two shipping corridors will be linked by a railway track in the Middle East, covering UAE, Saudi Arabia, Jordan and Israel.
Piraeus Port of Italy is set to be the gateway to Europe under this corridor. Therefore, Italy is set to be a huge beneficiary of the project.
