Tuesday, July 16, 2024
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Italy Abandons the ‘Belt and Road’ Initiative

The scheme is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organizations.

A foot in both camps: that is what Italy is trying to maintain with China and the United States. Rome is at a crossroads: to abandon the ‘Belt and Road’ initiative, signed by the Conte government and expiring in 2024, and to get closer to Washington by moving away from Beijing, or to renew the agreement? Giorgia Meloni has opted for the former, but what are the risks for Italy? Could an Italian non-renewal be a breach of contract?

“The memorandum of understanding is not a contract, and therefore there are no legal implications and duties that the two parties have to comply with. But it is above all an agreement between the two parties that has political significance for China and Italy,” explains Silvia Menegazzi, Professor of  International Relations at Rome’s LUISS-Guido Carli University. 

Source: euronews



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