|Author (Corporate)||Cardiff EDC|
|Publication Date||March 2019|
Italy and China signed on 23 March 2019 a non-binding memorandum of understanding (MoU) endorsing the European country's participation in China's Belt and Road initiative (BRI).
The Belt and Road Initiative (BRI) - also known as the 'new Silk Road' - is a global project put forward by China to support trade with other parts of the world. It includes a wave of Chinese funding for major infrastructure projects around the world - mainly across Asia, Africa, the Middle East and Europe - in an effort to speed Chinese good to markets further afield. Analysts highlight the impact of these projects on China's influence over countries in different parts of the world.
Italy became the first G7 country to endorse this plan, which has been warily seen by the United States some countries in the European Union. The agreement includes a €7 billion investment in the Italian ports of Genoa and Trieste. Several other deals in the energy, steel and gas pipeline sectors were also inked.
|Subject Tags||Bilateral Relations, External Trade | Trade Agreements|
|Keywords||Belt and Road Initiative [BRI]
|Countries / Regions||China, Italy|