Posted 12/7/2023, 1:17:47 PM
Italy to Withdraw from China's Belt and Road Initiative, Citing Lack of Economic Benefits
- Italy PM BRI "has not produced the expected results"
- Italy sent letter to China recently saying it won't renew BRI deal when it expires in 2024
- Italy was first G7 nation to join BRI in 2019, hoped for trade bonanza, but Chinese firms benefited more
- Italy exports to China grew little since joining BRI, less than France and Germany who weren't part of BRI
- Italy PM Meloni keen to show NATO credentials, assured Biden Italy would quit BRI