In a recent development, two government sources have confirmed that Italy has officially communicated to China its decision to withdraw from the Belt and Road Initiative (BRI). The decision, conveyed through a letter in the past few days, puts an end to months of uncertainty regarding Italy's participation in this ambitious project. Notably, Italy had become the inaugural and, thus far, sole major Western nation to join the BRI in 2019, despite reservations from the United States about potential risks associated with China gaining control over sensitive technologies and crucial infrastructure.
The announcement of Italy's withdrawal from the BRI comes after Prime Minister Giorgia Meloni, who assumed office last year, expressed her desire to terminate the agreement, citing a lack of substantial benefits for Italy. The initial accord, inked in 2019, was set to expire in March 2024 and would have automatically renewed unless Rome provided at least three months' notice of its intention to exit.
A government insider disclosed that the letter notifying China of Italy's decision was dispatched in recent days. Despite withdrawing from the BRI, Italy affirms its commitment to maintaining strong relations with China. The second government source highlighted that several other G7 nations, with closer ties to China, were never part of the Belt and Road Initiative. Italy is slated to assume the presidency of the G7 in 2024.
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