Rome: After becoming the “only” G7 country to enlist, Italy formally declared its departure from China’s Belt and Road Initiative (BRI, B&R), according to government sources. In the first week of December, Italy, having worked on this major B&R program for more than 4 years, announced its much-awaited decision. According to the sources, it was done to “keep channels of political dialogue open.”
PM Giorgia Meloni has long opposed Italy’s participation in a project that was perceived as Beijing’s attempt to purchase political authority and whose advantages to Rome were thought to be limited. Italy must choose by the end of 2023 whether to withdraw or allow the agreement to automatically renew in March 2024.
But Giorgia and her hard-right government were equally wary of provoking Beijing and suffering retaliation from Italian businesses. She said, “It would not compromise relations with China,” at the September G20 Summit in New Delhi.
Two trillion dollars
As part of President Xi Jinping’s effort to expand China’s influence overseas, Beijing says over 150 countries—from Uruguay to Sri Lanka—have supported the project. Beijing says that it has signed over 2 trillion dollars worth of contracts abroad, ranging from building massive energy, transportation, and infrastructure projects across Central Asia to establishing high-speed train lines crisscrossing Southeast Asia.
Read More: The Great Wall of Debt: China’s Strategic Role in Global Debt Collection
Supporters of the Global South commend it for giving them resources and fostering economic growth, but detractors point out that it has left impoverished countries heavily indebted. It has also aided Chinese infrastructure companies in gaining traction in other emerging economies. But Washington has warned that China would use the initiative as a pretext to increase the number of military outposts it has throughout the world while claiming to be protecting BRI investments.
Limited impact
Under the leadership of the outgoing prime minister Giuseppe Conte, Italy became a member of the EU, NATO, and the G7 in 2019. Before October 22, Meloni admitted that it was a “mistake” in the office settlement. The non-binding Memorandum of Understanding that was signed with China includes a comprehensive commitment to collaborate in the fields of finance, infrastructure, logistics, and the environment.
However, the lack of openness and details has fueled mistrust among Italy’s allies. The Italian Foreign Minister, Mr. Antonio Tajani, stated in September that “membership has not produced the results we were aiming for.” Experts noted that France and Germany closed important trade and investment agreements in spite of their decision to leave the BRI.
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