Italy Officially Ends Partnership in China's Belt and Road Initiative

Italy formally exits China's Belt and Road Initiative, signaling a departure from the ambitious project. Despite plans expiring in 2024, Italy has notified China of its withdrawal, emphasizing the desire to maintain strong ties despite departing from the BRI. Criticism of the initiative's debt repercussions persists.

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Italy's official departure from China's Belt and Road Initiative (BRI) marks the conclusion of uncertainties that lingered for months. Recently, Italy communicated its decision to China, severing ties with the ambitious project. In 2019, Italy, as the inaugural major Western participant, defied US apprehensions about potential Chinese dominance over crucial infrastructure and technologies.

Prime Minister Giorgia Meloni's accession last year underscored the intention to disengage from the BRI, citing negligible benefits to Italy from the initiative modeled after the historic Silk Road connecting China and the West.

The 2019 agreement's impending expiry in March 2024 mandated a three-month written notice for withdrawal, as per the sources. Confirming the decision, a government official revealed that Italy transmitted the letter to Beijing recently, signaling the non-renewal of the pact.

While withdrawing from the BRI, Italy expressed the resolve to sustain favorable relations with China. A second government source highlighted that despite their absence from the BRI, other G7 nations maintain closer ties with China, with Italy assuming the G7 presidency in 2024.

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China's BRI, resembling the World Bank in financing global development, has extended its reach across continents, constructing various infrastructures like power plants, roads, and ports. However, concerns have surfaced regarding substantial debts incurred by poorer nations, potentially leading to Chinese asset acquisition.

Criticism from the US and India centers on China's alleged "debt trap" diplomacy, accused of deliberately offering loans likely to result in defaults, enabling control over assets. Notably, instances like Sri Lanka leasing a port to a Chinese firm for 99 years have fueled skepticism among economists about China's lending practices.