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Italy formally withdraws from China’s Belt and Road Initiative

Italy signed the pact in 2019 expecting a big boost to exports but hoped-for economic gains have not materialised.

Italy has formally withdrawn from China’s global Belt and Road initiative that seeks to deepen relations with foreign countries through infrastructure investments, Italian media reported on Wednesday.

Italian Premier Giorgia Meloni had previously signalled Italy’s intention to withdraw from the agreement, which was up for renewal. 

Italy became the first G7 country to sign on to the initiative in 2019, when the populist, anti-establishment Five Star Movement party-led government promoted it as a way of increasing trade with China while getting investments in major infrastructure projects.

Link: https://www.euronews.com/2023/12/07/italy-formally-withdraws-from-chinas-belt-and-road-initiative

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