Login With Google
Italy set to become first G7 country to join ‘Belt and Road’
Why is it in news?
- Chinese President Xi Jinping during a trip to Rome set to sign a deal that will see Italy to become the first member of the Group of Seven (G7) major industrialised nations to join China’s “Belt and Road” infrastructure project (BRI), which is inspired by historic, centuries-old trade routes.
- Italy and China want to revive the spirit of the ancient Silk Road by deepening their trade and investment ties.
More in news
- What China says?(1) Mr. Xi said, it wants to revitalise the ancient Silk Road in order to better share the fruits of humanity’s progress.(2) Mr. Xi said the two countries should enhance cooperation in infrastructure, ports, logistics and maritime transport.
- Deals in line: Besides the BRI accord, various deals worth up to €7 billion ($7.9 billion) are expected to be agreed, including agreements opening up the northern ports of Trieste and Genoa to Chinese containers.
- Concern for US: Italy's decision to get closer to Beijing has caused concern amongst its Western allies -notably in Washington, where the White House National Security Council urged Rome not to give ”legitimacy to China's infrastructure vanity project”.
- Critics of the BRI: They say it is designed to bolster China's political and military influence, bringing little reward to other nations, and warn that it could be used to spread technologies capable of spying on Western interests.
Source
The Hindu