* Italy has withdrawn from China’s Belt and Road Initiative (BRI), more than 4 years after becoming the only Group of Seven (G7) nation to sign up.

* After months of uncertainty regarding Italy’s involvement in the ambitious project, Rome conveyed its decision in a recent letter to Beijing, news agencies Reuters and AFP reported on Wednesday (6th Dec 2023).

* The Belt and Road plan proposes massive investments in infrastructure such as roads, bridges and ports to recreate the ancient Silk Road trade routes linking Europe and Asia.

* Critics have cast the scheme as a vehicle for Beijing to expand its geopolitical influence, including by saddling poorer countries with unsustainable debts.

* “We have every intention of maintaining excellent relations with China even if we are no longer part of the Belt and Road Initiative,” an Italian government source said.

* “Other G7 nations have closer relations with China than we do, despite the fact they were never in [the BRI],” he added.

* The long-anticipated decision was communicated to Beijing three days ago, according to Italian newspaper Corriere della Sera, which first reported the withdrawal.

* In 2019, Italy became the first major Western nation to participate in the programme, despite US concerns about China gaining control over crucial technologies and infrastructure.

* Nevertheless, Italian Prime Minister Giorgia Meloni, who took office last year, expressed a desire to withdraw, citing the lack of substantial benefits for Italy.

* The 2019 agreement is set to expire in March 2024, with automatic renewal unless Rome provides three months’ written notice of withdrawal.

* However, Rome has been wary of provoking Beijing and risking retaliation against Italian companies..

Source : Aljazeera