China says Italy's Belt and Road cooperation bore ‘fruitful results'

ISTANBUL

Italy’s cooperation with China under the Belt and Road Initiative has yielded “fruitful results,” Chinese Foreign Minister Wang Yi has said.

Addressing the 11th Joint Meeting of the China-Italy Government Committee on Monday, Wang said due to “joint efforts” from the two sides, “China-Italy relations have maintained a high-level development.”

Antonio Tajani, vice president of the Council of Ministers and Minister of Foreign Affairs and International Cooperation, represented Italy during the meeting held in Beijing, a statement by China’s Foreign Ministry said.

Beijing’s statement comes as Rome has said trade between China and Italy “has not improved as expected” since the European nation joined the Belt and Road Initiative in 2019.

“If we analyze it, it did not bring the results we expected,” Tajani told the European House – Ambrosetti, an annual international economic forum, in Cernobbio, northern Italy, before leaving for China last Saturday for a three-day diplomatic mission.​​​​​​​

He said last year’s trade figures between the two countries are lower than those between China and France and China and Germany.

However, Wang said: “In the past five years, the bilateral trade volume between China and Italy has increased from $50 billion to nearly $80 billion, with Italy's exports to China growing by about 30 percent,” Chinese daily Global Times reported.

Italy signed the accord with China despite the protests of allies, such as the US and the EU, and was the first major Western nation to do so.

Under the accord, the two countries agreed to carry out business deals in many sectors ranging from energy and transport to industry and finance, and implement jointly financed infrastructure projects.

“Parliament will have to assess and decide whether to renew or not our participation in this project,” Tajani said.

The agreement between China and Italy expires in March next year and Italy has until December to formally withdraw from it, otherwise the partnership will be extended for five years.

“In the face of new situations and opportunities, China is willing to work with Italy to adhere to openness and win-win cooperation, focus on practical cooperation, promote inclusiveness and mutual learning, and push for the greater development of the China-Italy comprehensive strategic partnership,” the Chinese Foreign Minister told Tajani.