It is no longer a matter of “if”, but of “when”: Italy is about to become the first country in the EU to withdraw from the Belt and Road Initiative connecting Rome to Beijing. The question now is how this will happen and what consequences it will entail.
Why is this important?In 2019, Italy became the first country in the European Union to become a full member of the Belt & Road Initiative, China’s comprehensive infrastructure and investment plan. The choices to withdraw will have both diplomatic and economic consequences.
Withdraw, but how?
The news: After much hesitation, Italian Prime Minister Giorgia Meloni has decided to break the agreement between her country and China.
- This agreement only runs until March 2024 and can be terminated in writing with a minimum notice period of three months. If not, it is automatically renewed for another five years.
- The subject had been a thorny issue since ratification in Italy: despite prospects for further cooperation with China, it was
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