Expressed its intentions after China’s exit from Belt and Road Initiative The decision by Italy to withdraw from the investment treaty is a significant strategic shift and highlights the difficult balance that the country must maintain in its foreign relations, particularly with the United States and China.
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The G20 meeting is being place in India
Italian Prime Minister Giorgia Meloni notified Chinese Premier Li Qiang of Italy’s intention to withdraw from the Belt and Road Initiative led by Chinese President Xi Jinping in a private meeting on the sidelines of the Group of 20 summit in India. The move comes as the investment treaty becomes a litmus test for Italy’s relations with the US.
The discussion, according to Bloomberg, took place on the fringes of the G20 summit over the weekend. Expressed its intentions after China’s exit from Belt and Road InitiativeDuring the discussion, Meloni promised Prime Minister Li that Italy intends to withdraw from the massive infrastructure project while maintaining amicable relations with Beijing. In 2019, Italy formally joined the Belt and Road Initiative.
The decision of the Italian government at the G20 meeting
The Italian government made a deliberate and thoughtful choice to withdraw from the Global Infrastructure Agreement. Meloni and his colleagues have taken their time deciding how to best alert Beijing about this significant policy move, with fears of trade reprisal in the backdrop.
Earlier this year, reports indicated Italy’s desire to withdraw from the effort. Prime Minister Maloney, on the other hand, confronts the task of communicating this choice to China while reducing the possibility of negative outcomes.
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Exiting the Belt and Road Initiative could have a detrimental impact: Italy
Meloni has revealed her plan to visit China in the coming months as part of her diplomatic efforts. This diplomatic visit is anticipated to be critical in resolving the contentious issue. Notably, China’s envoy to Italy had already issued a harsh warning, implying that abandoning the Belt and Road Initiative could have “negative consequences” for Italy.
The decision by Italy to withdraw from the investment treaty is a significant strategic shift and highlights the difficult balance that the country must maintain in its foreign relations, particularly with the United States and China.