Trade between Italy and China did not improve as much as hoped because of Italy’s participation in the so-called New Silk Road four years ago. This was stated by Italian Foreign Minister Antonio Tajani before leaving for China.
The New Silk Road, officially called the Belt and Road Initiative, aims to boost trade between Asia, Europe, the Middle East and Africa. China has invested hundreds of billions in building roads, railways and other infrastructure to build those trade routes.
Italy joined the project in 2019. This made the country the first major Western economy to participate in the New Silk Road, despite the objections of the United States.
However, according to Tajani, the results are not at the desired level, and it is now being studied whether the participation will be extended. The agreement to join the Chinese initiative expires in March next year, and Rome has until December to withdraw. Otherwise, the membership will be extended for another five years.
Tajani is scheduled to pay a three-day visit to Beijing. Prime Minister Giorgia Meloni said that she wants to visit China on one of her next trips abroad. Italy had long been dissatisfied with its participation in the New Silk Road, because China in particular would benefit from this in its trade relations with the Italians.
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