Italy to strengthen China trade despite Belt and Road exit

ROME

Italy and China intend to strengthen trade despite Rome's withdrawal from Beijing's Belt and Road Initiative, Italian Foreign Minister Antonio Tajani said on April 11.

"Our relations with China are positive, even if we are competitors and our positions diverge on certain issues," he told reporters in the northern city of Verona, following a Joint Economic Commission meeting with China.

Chinese Commerce Minister Wang Wentao attended the meeting having traveled to Italy with a delegation of Chinese entrepreneurs.

In December, Italy withdrew from the maritime and land infrastructure project, which has generated some two trillion dollars in contracts around the world, equivalent in size to some of the world's biggest economies.

Italy initially joined the project in 2019 and became the only G7 country to take part in the initiative, which aims to improve trade between Asia, Europe and Africa.

The deal with Beijing "did not produce the economic fruits expected" by Italy, but Rome's withdrawal "was not an act of hostility towards China," Tajani emphasized.

Rome and Beijing "have decided to convene an annual meeting of the Italy-China Joint Economic Commission" to "strengthen their trade" as part of their "strategic partnership," he added.

An economic forum was held in Verona on April 12, bringing together companies and representatives of employers' organizations from both countries.