Italy Likely To Withdraw From China's Controversial Belt And Road Initiative: Report

Italy is reportedly planning to withdraw from China's controversial Belt and Road initiative.

Last week, Italian PM Giorgia Meloni informed US House Speaker Kevin McCarthy in Rome that her government is inclined towards exiting China's connectivity scheme. However, no final decision has been made yet on the issue, Bloomberg reported citing sources present at the meeting.

Italy, under former premier Giuseppe Conte's leadership, joined the Chinese infrastructure initiative in 2019, making it the only nation in the G7 group to become part of the project.

The participation will reportedly automatically renew in 2024 unless Rome actively exits the agreement.

Similar to other countries in Europe, Italy has been caught between rising tensions between US and China, which are complicated further by Beijing's support for Russia.

Italy, along with other European nations, finds it difficult to maintain trade relations with China while simultaneously pushing back against claims of economic coercion.

US is reportedly also pushing Rome privately to take public stance on the issue.

Meloni's diplomatic advisers are still discussing the details and timing of decision, considering potential economic backlash from China.

Bloomberg reported that a decision on the issue is unlikely to be made public before the start of the G-7 leaders summit in Hiroshima, Japan, on 19 May.