Italy is currently negotiating a preliminary agreement to participate in China’s ‘Belt and Road Initiative’ plan to boost trade. As the Junior Industry Minister Michele Geraci informed, if Italy manages to sign an agreement with China later this month on this issue, it would just be an initial framework, without a binding character.
However, as Reuters reports, it seems that there is not government unity on the issue, with another junior minister expressing worries for this move, saying that more thought has to be given.
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The Belt and Road Initiative (BRI) targets to connect China by sea and land with southeast and central Asia, the Middle East, Europe and Africa, using an infrastructure network on the lines of the old Silk Road. In addition, China also aspires to boost exchanges in areas such as science, technology and culture.
Commenting about the possibility of Italy signing an agreement with China, Michele Geraci said that the two counties are still negotiating the details of the relevant MoU, and at this stage it is not sure if it will be signed or not. As he explained, it would an initial framework and not a contract, as currently there are no commitments made.
In the light of the possibility of Italy joining BRI, the Financial Times reported that the US is upset and warned that the project could significantly damage Italy’s international image.
On the other side, an Italian diplomatic source told Reuters that the country is experiencing serious pressure from China to sign the MoU, but also added that if an agreement was reached it would not necessarily mean much.
As of now, several European Union states have signed MOUs with China, such as Greece, Croatia, Czech Republic, Hungary, Malta, Poland and Portugal. In case Italy signs, it would be the first Group of Seven major industrialized nation to join the Initiave.
