Italy signs trade pact with China to renew ties after BRI project exit

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Italy signs trade pact with China to renew ties after BRI project exit - Business Standard

Quick Summary:

On December 6, 2023, the Italian government formally announced that it will not renew the 2019 memorandum of understanding (MOU) regarding its formal participation in Chinese President Xi Jinping's flagship Belt and Road Initiative (BRI).

Italy had last year pulled out of China's Belt and Road Initiative (BRI), having been the only G7 country to sign up in 2019 to the infrastructure and transportation plan that seeks to build a sort of modern-day Silk Road.

Addressing the Italy-China business forum, Meloni termed it as "a great opportunity" to strengthen partnership by reflecting on the strengths and weaknesses, on what has worked and what has not, and to do so with the common goal of making trade relations increasingly fair and advantageous for all.