Italy Ditches the "New Silk Road" Project 🇮🇹🚧
Saying "Arrivederci" to China's fave scheme, Italy's recent move to abandon Xi Jinping's beloved "New Silk Road" project, might not shatter the partnership between the two nations. As per reports from Corriere della Sera and Ansa, sources revealed that Italy has officially spurned the projected collaboration.
Prime Minister Giorgia Meloni, from the coalition of three right-wing parties, broke the news to Beijing through a note verbale from the Foreign Ministry. Despite this withdrawal, Rome has reassured Beijing of its intentions to preserve the strategic partnership. Initial confirmation of this development was yet to surface from Roman sources.
Foreign Minister Antonio Tajani, in a conference with Adnkronis, relayed his unconcern towards the "Silk Road" vibe by stating that it's not their top priority. Tajani further emphasized that the "Silk Road" had not yielded the anticipated benefits and, conversely, countries not part of the project had performed better.
EU-China Summit in Beijing 🇨🇳🕰️
Subsequent to 2019, when Italy joined the G7, it became the only member embracing China's head of state and party leader Xi Jinping's initiative. Meloni was not involved in that move. Previous to her triumphant victory in the elections last year, Fratelli d'Italia leader and Meloni's far-right party ally, had already expressed her desire to detach Italy from the venture.
Reports influence speculations of this imminent move, as keeping up with the initiative might have sealed the deal if explicated. However, Italy simultaneously aimed to steer clear of any unfriendly gestures towards Beijing.
The Chinese project consists of terrestrial and maritime extensions, with the "New Silk Road" and the "Maritime Silk Road" serving as the foundation. Originally hailing back to the renowned Silk Road, which connected Asia with Europe, the "New Silk Road" project is a vital part of the EU-China summit in Beijing, with Hungary continuing to engage in the project on the European side.
Why Italy Jilted the Project: Enrichment 💰📊
Criticisms of Italy's withdrawal focus on economic, strategic, and environmental factors. As trade deficits with China soared from 20 billion euros ($21.5 billion) to 48 billion euros ($51.8 billion), doubt resurfaced about the initiative's financial aspects. Additionally, the BRI didn't produce the expected economic benefits for Italy.
Beyond economic concerns, Italy's geopolitical stance played a role in its decision to withdraw from the BRI. Italy desired to lessen its reliance on China and better align with European and Western interests. Lastly, environmental and transparency issues associated with the BRI may have prompted Italy's decision to cut ties with China's flagship project.
Fragmented trade negotiations, economic concerns, the rising importance of sustainable development, and geopolitical considerations underlie Italy's departure from the BRI. These factors contribute to a broader trend of countries reassessing their participation in China's Belt and Road Initiative.
Sources: 🔗🌐
