Many Italian parties are against Rome’s participation in China’s Belt and Road Initiative, Antonio Tajani, the country’s foreign minister, said on Saturday ahead of a critical decision on withdrawing from the project.
Rome sent shockwaves across the Western world in 2019 when it joined the BRI – China’s massive infrastructure and investment plan aimed at increasing its influence around the world. At the time, analysts said that by joining the project, Italy was undermining Europe’s ability to stand up to Beijing.
When former European Central Bank chief Mario Draghi took power in Rome in 2021, he froze the agreement. Two years later and with a new government, Italy is now reconsidering its relations with China.
“The Italian message is very clear: we want to work with China, we want to be present in the Chinese market, we are ready for Chinese investment, but as I said, it is important.” [to have a] “We are creating a level playing field,” said Tajani, who also serves as Italy’s deputy prime minister.
Italy will announce in the coming months whether it will officially end its involvement in the groundbreaking Chinese project.
According to the agreement, the two parties can terminate the contract after five years, otherwise the partnership will be extended for another five years. Italy has until the end of 2023 to inform China whether it wants to end the agreement.
Tajani will visit China in the coming days. Speaking to CNBC’s Steve Sedgwick at the Ambrosetti Forum, he said the journey won’t be difficult, but “it’s important for us.”
However, Tajani did not confirm an exact time when Italy will announce its final decision on continuing the Belt and Road Initiative.
“The Italian Parliament is examining the situation. At the moment, the countries without the Belt and Road Initiative, the European countries, are doing better than us. Italy will decide whether.” [to] stay or not [to] Stay in the Belt and Road Initiative. Many parties in parliament are against it,” he said.