38.6c New Delhi, India, Thursday, May 23, 2024

Italy withdraws from China's Belt and Road project, here’s why

By LAWSTREET NEWS NETWORK      08 December, 2023 02:42 PM      0 Comments
Italy withdraws from Chinas Belt and Road project heres why

Italy has withdrawn from China's vast Belt and Road infrastructure initiative, more than four years after becoming the only G7 nation to sign up, a government source said on December 6.

The membership “has not produced the results we were hoping for,” Italian Foreign Minister Antonio Tajani said. 
Notably, before coming to power last year, Prime Minister Giorgia Meloni said the decision by a previous government to join in 2019 was a “serious mistake”.

Critics have denounced the trillion-dollar investment scheme as a predatory “Trojan horse” aimed at buying political influence.
Rome had pulled out, giving no details beyond saying it was done in such a way as to keep channels of political dialogue open, an Italian government source confirmed to AFP. 
The deal was due to automatically renew in March 2024 unless Italy opts out by the end of this year.

What is China’s Belt and Road Initiative (BRI)?
The BRI is an ambitious plan to develop two new trade routes connecting China with the rest of the world. But the initiative is about far more than infrastructure.

Beijing says upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the initiative, a central pillar of President Xi Jinping's bid to expand China's clout overseas.

In 2014 Xi Jinping outlined plans to additionally establish new sea trade infrastructure along the old Marco Polo route – a maritime silk road connecting China, Southeast Asia, Africa, and Europe.

According to researchers, this would be a longer route avoiding the Malacca Strait, incorporating fuelling stations, ports, bridges, industry, and infrastructure through Southeast Asia and into the Indian Ocean.

Share this article:


Explore Comprehensive Legal Reporting with LawStreet Journal: Your Go-To Source for Supreme Court an...Read more


Leave a feedback about this
Related Posts
View All

Italy withdraws from China's Belt and Road project, here’s why Italy withdraws from China's Belt and Road project, here’s why

Italy pulls out of China's Belt and Road Initiative. Prime Minister Giorgia Meloni explains why Italy pulled out now.


Trending Business
No interim relief to Forest Essentials in trademark fight against Baby Forest in Delhi HC

Delhi HC denies interim relief to Forest Essentials in trademark case against Baby Forest, citing "forest" as generic. Next hearing on July 10.

22 May, 2024 11:35 AM
Trending Business
Singapore Airlines flight SQ321 from London to Singapore drops 6000 ft within minutes, 1 dead, several injured

Singapore Airlines flight SQ321 from London to Singapore suffers 1 fatality after air dropping 6000 ft due to severe turbulence.

22 May, 2024 11:53 AM


Trending Judiciary
ED to seek court nod for custody of accused, if not arrested till cognisance of complaint: SC [Read Judgment]

The Supreme Court ruled that the Enforcement Directorate must seek court approval for custody of an accused if not arrested before the court takes cognizance of a complaint.

17 May, 2024 01:38 PM
Trending Judiciary
Fundamental right to health includes consumers' right to be made aware of quality of products: SC [Read Order]

Right to health includes consumers' right to know product quality. Advertisers must submit self-declarations for ads to ensure transparency and accountability: SC

17 May, 2024 01:43 PM
Trending Judiciary
SC asks ED to file response to Soren's plea for interim on May 20

SC asks ED to file a response by May 20 to Hemant Soren's plea for interim bail during Lok Sabha elections, with a hearing scheduled for May 21.

17 May, 2024 06:12 PM
Trending Judiciary
SC notice to EC on plea by ADR for release of voters turnout data

SC issues notice to EC on ADR plea to release voter turnout data. SC demands EC to disclose vote counts within 48 hours after each phase of the 2024 Lok Sabha polls.

18 May, 2024 11:16 AM


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email