Italy is set to formally endorse China’s multi-trillion-dollar Belt and Road Initiative to become the first G7 nation to join the project which promises to significantly boost global trade.
It is preparing to sign a memorandum of understanding to officially support the project during the forthcoming visit of Chinese President Xi Jinping, above, to Rome on March 22, FT said citing Michele Geraci, undersecretary in Italy’s Ministry of Economic Development.
Italy sees China as the fastest growing market in the world and hopes to export more locally made goods to the South Asian country.
Washington, which is not happy over the new Silk Road project, believes this will upset Italy’s economy and affect its international image.
However, like the old Silk Road, the new project will halve trading costs for more than 80 countries in Asia, Europe and Africa by offering better connectivity and boosting cooperation with China.