Italy becomes the first of the 7 major economies to sign up to Beijing's "Belt Road" project

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Italy signing a memorandum of understanding with China on Saturday supporting Beijing's "Belt and Road" initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, makes the Mediterranean peninsula the first member of the 7 major economies in the world to join the program.

Italian Premier Giuseppe Conte and Chinese President Xi Jinping attended a ceremony in Rome where 29 separate protocols of the memorandum were signed by both governments in front of the flags of China, Italy and the European Union.

Luigi di Maio, the Italian minister of economic development, told reporters afterward that his country's goal is to increase exports to China in order to correct trade imbalances and boost Italian businesses and the country's troubled economy.

He said the value of the individual deals signed on Saturday amounts to $2.8 billion, with the potential to grow to 20 billion euros $22.6 billion.

Di Maio stated, "Our goal with these accords is to start to rebalance an imbalance for which there is a lot of 'Made in China' coming to Italy and too little 'Made in Italy' that goes to China.”

Adding that Italy will see "a substantial and gradual increase of exports and we hope that in the next years we can balance out the trade imbalances."


Source: Smart Trend Team