China setback: Italy is planning to withdraw from China's BRI plan, the agreement is ending in 2024
Italy is planning to withdraw from China's BRI (Belt and Road Initiative) project. Italy's Foreign Minister has said that the Silk Road has not yielded the expected benefits. The agreement expires in March 2024 and there is time until December to formally withdraw from it. If it is not removed by then, it will be extended for five years.
Italy is planning to withdraw from China's BRI (Belt and Road Initiative) project. Italy's Foreign Minister has said that the Silk Road has not yielded the expected benefits. We will review this agreement again. Parliament will have to decide whether to take our participation forward or not.
Foreign Minister Antonio Tajani said on Saturday that Italy joined the Belt and Road Initiative with China four years ago. But even after joining it, trade between the two countries has not increased as expected. He made this comment before leaving for China.
Despite US opposition, Italy became the first Western country to join China's initiative in 2019. The agreement expires in March 2024 and there is time until December to formally withdraw from it.
If not removed by then, it will be extended for five years. Meanwhile, Italian Prime Minister Giorgia Meloni said that she is planning to visit China during her next foreign trip.
