Italy becomes first Western European nation to sign up for China’s Belt and Road plan
March 26, 2019 Category EU-China Relations, Weekly
Chinese President Xi Jinping with Italian President Sergio Mattarella
Through agreements signed in Rome, Italy became the first of the Group of Seven industrialized nations and the first founding EU Member to participate in the Belt and Road Initiative (BRI).
China stands ready to work with Italy on the BRI by strengthening its alignment with the country’s development strategies to bring bilateral ties to a new level, President Xi Jinping wrote in an article in the Italian newspaper Corriere della Sera ahead of his trip. He called on the two sides to tap more potential for partnership in port logistics, shipping, energy, telecommunications and medicine. Italian Prime Minister Giuseppe Conte and Chinese President Xi Jinping witnessed the signing of a memorandum of understanding on the BRI. Among the 29 other agreements signed were two port management deals between China Communications Construction and the ports of Trieste and Genoa, Italy’s biggest seaport. Trieste is strategically important for China because it offers a link from the Mediterranean to landlocked countries such as Austria, Hungary, the Czech Republic, Slovakia and Serbia, all of which are markets Beijing hopes to reach through its BRI. Other deals signed cover areas including satellites, e-commerce, agriculture, beef and pork imports, media, culture, banking, natural gas and steel. The two countries also agreed to boost cooperation on innovation and science, increase bilateral trade and set up a Finance Ministers’ dialogue mechanism.
Bilateral trade topped USD50 billion last year while two-way cumulative investment reached more than USD20 billion. China’s “Belt and Road Initiative is a train that Italy cannot afford to miss”, said Italian Finance Minister Giovanni Tria. Prime Minister Giuseppe Conte also thinks Italy should jump on board, saying the multibillion-dollar Chinese infrastructure plan is “an opportunity for our country”. “The New Silk Road must be a two-way street to share not only goods but also talent, ideas, knowledge, forward-looking solutions to common problems and projects for the future,” Italian President Sergio Mattarella said. By March 6, more than 20 European countries had already signed BRI cooperation documents with China, including Russia, Portugal, Austria, Greece, and 16 Central and Eastern European countries.
Chinese President Xi Jinping visited Italy, France and Monaco from March 21 tp 26. Xi’s visit coincided with the 55th anniversary of the establishment of China-France diplomatic relations. It was Xi’s first overseas trip this year, including the first visit by a Chinese President to Monaco.
Following his short visit to Monaco, President Xi arrived in Nice and had dinner with French President Emmanuel Macron in Beaulieu-sur-Mer on the French Riviera before the official welcome ceremony at the Arc de Triomphe in Paris, and a meeting and state dinner at the Elysée presidential palace. President Xi also met in Paris with German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker. During Xi’s visit, Airbus signed a USD35 billion contract for 290 A320 planes and 10 of the larger A350s in a blow to rival Boeing, whose 737 Max-8 is still grounded following two crashes in five months. The Airbus contract was one of 15 signed, including a €1 billion contract for EDF to build an offshore wind farm in China. France’s Fives and the China National Building Materials Group signed a €1 billion deal to cooperate on energy savings in developing countries. CMA-CGM and the China State Shipbulding Corp. signed a €1.2 billion deal to build 10 container ships.
Chinese State Councilor and Foreign Minister Wang Yi has also just concluded a visit to EU Headquarters in Brussels for talks with EU High Representative for Foreign Affairs and Security Policy Federica Mogherini and to participate in the Ninth China- EU High-Level Strategic Dialogue. Wang underlined three points. Firstly, cooperative partnership is the nature of China-EU relations. There is no essential conflict of interest between China and the EU. Secondly, the goal of China-EU cooperation is to achieve mutual benefit and win-win outcome, where Europe will benefit from the new round of Chinese reform and opening-up. Thirdly, respect of each other’s core interest is essential for the trust between China and the EU. Minister Wang Yi also met the Foreign Ministers of the 28 EU Member States during an informal working lunch.
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