Italy Withdraws from China's Belt and Road Initiative

Italy has officially informed China that it is leaving the Belt and Road Initiative (BRI), citing the lack of significant economic gains. Italy became the first major Western nation to join the trade and investment program in 2019, but Prime Minister Giorgia Meloni, who took office last year, expressed her intention to withdraw from the deal. The 2019 accord expires in March 2024, and Italy has sent a letter to Beijing informing them that it will not be renewing the pact. Italy aims to maintain good relations with China despite leaving the BRI, and it will assume the presidency of the G7 in 2024.