Defence Minister Guido Crosetto labels Italy’s decision to join China’s (China’s Belt and Road Initiative) BRI as improvised and atrocious
Credit: Google
Listen To NewsItaly’s decision to join China’s Belt and Road Initiative (BRI) has sparked heated debates, with Defence Minister Guido Crosetto branding it an “improvised and atrocious” move. The BRI, a massive global investment program aimed at connecting China with Europe and beyond through the old Silk Road trade route, has been seen as a tool for China to expand its influence on the world stage.
Since becoming the first developed economy to join the BRI in 2019, Italy has faced criticism from its Western allies, who view the initiative with suspicion. While China claims fruitful results from the partnership, Minister Crosetto argues that the BRI has disproportionately benefited China, resulting in little boost to Italy’s exports.
Italy’s concern over its involvement with the BRI has grown, and Prime Minister Giorgia Meloni expressed her desire for talks with China regarding a possible withdrawal. However, to exit the deal without damaging relations with Beijing poses a complex challenge for Italy.
Italy just slammed China's trillion-dollar Belt and Road Initiative, saying it was an 'atrocious' decision to join and that it's barely benefited from the deal https://t.co/O95gieiIwe
— Insider Business (@BusinessInsider) July 31, 2023
The BRI agreement is set to be automatically renewed in March 2024, unless Italy formally requests to withdraw by the end of this year. China has been actively lobbying Italy to renew the deal, sending senior officials to persuade the country.
The statistics speak volumes about the trade dynamics between Italy and China. Italy’s imports from China nearly doubled since joining the BRI in 2019, but its exports to China have seen minimal growth. This has raised concerns about the trade imbalance and Italy’s dependence on Chinese goods.
The BRI has faced criticism globally, with some projects encountering significant issues and leading to suspensions or cancellations due to indebtedness to China. Italy, being the only G7 country to join the initiative, finds itself at a crossroads as it navigates the complexities of global politics and economic interests.
As Italy’s current administration leans towards a diplomatic exit from the BRI, the country aims to strengthen ties with its Western allies, particularly the United States. However, the decision to withdraw from such a significant partnership requires careful considerations to avoid potential repercussions.
Italy’s involvement in China’s Belt and Road Initiative remains a contentious topic, with Defence Minister Crosetto highlighting the need for careful navigation to safeguard both economic interests and diplomatic relations. As the deadline for withdrawal approaches, Italy faces critical decisions that could have significant implications for its position in the global political landscape.
RELATED NEWS
WEB STORIES FOR YOU
Stay connected with Today On Globe for the latest Global Issues and News Updates.
Explore more related articles at [TOG News / TOG Article]
