Italian Prime Minister Giorgia Meloni meets with Chinese President Xi Jinping at the Diaoyutai State Guesthouse in Beijing, China. AP
Italian Prime Minister Giorgia Meloni recently visited China to strengthen Italy’s economic ties and enhance cooperation with the world’s second largest economy. This important visit, notable for Italy’s withdrawal from the Belt and Road Initiative (BRI), reflects Italy’s desire to build a more balanced trade relationship with China. Here are 10 takeaways from the Prime Minister’s visit:
1. Aiming for a balanced trade relationship
Prime Minister Giorgia Meloni stressed the need to rebalance trade relations between Italy and China. Currently, Italian investment in China significantly exceeds Chinese investment in Italy, at a ratio of about 3:1. Meloni’s visit is aimed at reducing trade barriers and ensuring fairer deals.
2. Italy’s withdrawal from the Belt and Road Initiative
Italy was the only G7 country to join China’s Belt and Road Initiative in 2019, which aims to boost infrastructure and trade ties reminiscent of the ancient Silk Road. But Italy withdrew from the initiative last year under pressure from the U.S., although it aims to maintain strong trade ties with China.
3. Italy’s Strategic Importance to China
Despite withdrawing from the Belt and Road Initiative, Italy remains an important partner for China within Europe, and Meloni highlighted Italy’s unique position as a potential moderate within the EU, particularly with regard to EU tariffs on Chinese products such as electric vehicles.
4. Focus on strengthening Italian exports
During his visit, Meloni expressed his intention to improve access to the Chinese market for Italian products, as Italy hopes to increase exports to China and strengthen economic cooperation by addressing existing trade barriers.
5. Italy’s role in EU-China relations
Meloni stressed Italy’s important role in shaping EU-China relations. He expressed hope for a more balanced trade relationship between the EU and China and acknowledged Italy’s strategic position in promoting dialogue.
6. European Union imposes tariffs on Chinese-made EVs
The European Union is set to vote in October on imposing tariffs on Chinese-made electric cars, and Italy has voiced its support for the tariffs, fearing an influx of competitively priced Chinese electric vehicles could hurt the European market.
7. Italy’s position on trade with China
Meloni clarified that although Italy is part of the BRI, it does not receive the most trade or investment from China compared to other European countries, highlighting the need for Italy to redefine and strengthen its economic strategy with China.
8. Diplomatic Relations with Xi Jinping
During his meeting with Chinese President Xi Jinping at the Diaoyutai State Guesthouse, Foreign Minister Meloni reiterated Italy’s willingness to cooperate closely with China and stressed the importance of Italy’s role in the EU’s broader dialogue and trade relations with China.
9. Italy’s economic strategy after BRI
After withdrawing from the BRI, Italy aims to build a more independent and balanced trade strategy with China, focusing on expanding mutual benefits and investment opportunities for the two countries.
10. Meloni’s broad vision for Italy-China relations
Prime Minister Meloni envisions a future in which Italy can use its unique position in Europe to strengthen economic ties with China and contribute to a fairer and more prosperous global trading environment.
Italy’s efforts to rebalance its trade relations with China highlight the complexities of international diplomacy and economic partnerships. As Italy navigates these challenges, its approach to balancing national interests with global economic dynamics will be crucial in shaping Italy’s future role on the world stage.
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