From Hellenic Shipping News:
Italy is negotiating a preliminary deal to become a part of China’s
giant “Belt and Road” infrastructure plan to boost trade, a government
official said, in a move that could upset the United States.
Junior Industry Minister Michele Geraci said that if Italy did sign a
deal when Chinese President Xi Jinping visits the country later this
month, it would be non-binding and just “an initial framework”.
The Belt and Road Initiative (BRI), championed by Xi, aims to link
China by sea and land with southeast and central Asia, the Middle East,
Europe and Africa, through an infrastructure network on the lines of the
old Silk Road.
Aside from boosting trade and investment, Xi aims to advance exchanges in areas such as science, technology and culture.
Geraci told a news conference that Xi was due to visit Italy on March
22 and 23, spending the first day in Rome and the second in Palermo –
the capital of the island of Sicily.
“We are still negotiating the details of the MOU (memorandum of
understanding) and it might, or might not be signed,” Geraci said. “It
is an initial framework. It is not a contract, there are no commitments,
there are no funds and no obligations.”
Italy fell into recession at the end of 2018 for the third time in a
decade and the government is eager to find ways to boost the economy and
revive the stalled construction sector.
The Financial Times reported on Wednesday the United States was
irritated by the prospect of Italy joining the BRI, and had warned the
project could significantly damage Rome’s international image.
“We view BRI as a ‘made by China, for China’ initiative,” the
newspaper quoted Garrett Marquis, White House National Security Council
spokesperson, as saying.
Geraci said he had not seen any sign the United States was annoyed or
concerned. “Our goal does not seem to me to be controversial. It is
about helping companies do business.”...MORE
