Friday, January, 22, 2021 04:49:19
China finds a G-7 ally in Italy for its Belt and Road Initiative
- Italy, the world’s eighth largest economy, would be the biggest nation yet to join the BRI.
- The ambitious initiative aims to connect China with several nations across the world through mostly Chinese infrastructure.
The ambitious Belt & Road Initiative (BRI), a development strategy adopted by the Chinese Government to connect China with several nations across the world, is reportedly readying itself to bring in its biggest participant yet in the form of G-7 nation, Italy.
Reports cite, Italian Government officials are set to ink a memorandum of understanding (MoU) with China to support the initiative & join the nation in its massive BRI trade project. The move would make Italy, the world’s eighth largest economy, the biggest nation yet to join the BRI.
According to a report by Reuters
, the Italian Government is expected to sign the MoU later this month when it would be hosting Chinese president Xi Jinping in an official visit. The move has garnered conflicting reactions among Italian ministers with some cautioning the government against taking such a drastic step, citing more thought needs to be put into the move with regards to the national security.
An Undersecretary in the Economic Development Ministry of Italy, Michele Geraci stated that the ministry wants to ensure that the Made in Italy products could rake in more success from China in terms of their export volume and tap into the world’s fastest growing market. Geraci further added that negotiations on the proposed MoU are still underway and would probably reach a conclusion just in time for Xi Jinping’s visit.
China is reportedly estimated to have made an investment that is between $1 trillion & $8 trillion into the trade project. The BRI is one of Xi Jinping’s personal priorities & has even been written into the nation’s constitution back in 2017.
According to reports, the precise details of the proposed MoU have not been unveiled yet. Typically, BRI contract details between the Chinese Government & partner nations are kept secret.