Italy's Meloni Signs Economic Pact in China, Seeks New Relationship
In a significant move to reshape Italy's economic ties with China, Italian Prime Minister Giorgia Meloni signed a three-year economic cooperation pact during her state visit to Beijing on Sunday. This agreement, reached in a meeting with Chinese Premier Li Qiang, aims to explore new avenues for collaboration between the two nations, although the specific details of the pact remain undisclosed.
Aiming for Fairer Trade Relations
During her visit, Meloni emphasized her commitment to establishing "fairer" trade relations with China. This statement comes in light of Italy's growing trade deficit with China, which exceeded €40 billion (approximately $43 billion) last year. The Italian Prime Minister expressed concerns over the current imbalance in investment flows, highlighting that Chinese investments in Italy represent only about one-third of Italian investments in China. Meloni's remarks at an economic forum in Beijing underscored her desire to narrow this gap and foster a more equitable economic partnership.
Recent Tensions and Historical Context
Meloni's visit to China follows a period of strained relations, particularly after Italy's decision to withdraw from China's Belt and Road Initiative (BRI). This major infrastructure project, launched by Beijing to enhance economic ties with participating countries, had seen Italy as the only member of the G7 to join in 2019 under the previous government. However, Meloni's administration has cited unmet economic expectations as the reason for Italy's withdrawal from the initiative, signaling a shift in Italy's approach to its relationship with China.
Upcoming Discussions with Xi Jinping
As part of her diplomatic mission, Meloni is scheduled to meet with Chinese leader Xi Jinping on Monday. This meeting is anticipated to address not only the newly signed economic pact but also broader issues affecting bilateral relations. The outcome of these discussions could play a crucial role in determining the future trajectory of Italy-China relations, especially in light of recent disagreements.
Conclusion
Giorgia Meloni's visit to China marks a pivotal moment in Italy's foreign policy, as she seeks to redefine the nation's economic relationship with one of the world's largest economies. By signing the economic cooperation pact and advocating for fairer trade practices, Meloni aims to create a more balanced and mutually beneficial partnership with China, while navigating the complexities of past commitments and current economic realities.