Italy and the Belt and Road Initiative. A Missed Opportunity?

Abstract

Bilateral relations between Italy and China in recent years have been characterized by economic pragmatism, which reached its peak in 2019 when Italy became the first and only G7 country to join the Belt and Road Initiative. This decision, conceived as a catalyst for revitalizing the Italian economy, sparked a broad debate about its strategic implications and the balance between commercial interests and loyalty to transatlantic allies. However, Giorgia Meloni’s rise to power and her pro-Western stance marked a “shift” in Italy’s position toward the Initiative. Consequently, Italy decided not to renew the memorandum in 2023, which did not imply a complete break but rather a transition toward a more limited and calculated model of cooperation. The Italian case illustrates the dilemma facing European powers: maintaining economic ties with China while reinforcing their political alignment with the West. Similarly, it presents an interesting case study on China’s influence in the globalized world and on the repercussions of the issue for both Italy and the Initiative. In this context, this paper aims to analyze the impact of Italy’s withdrawal from the Belt and Road Initiative from an economic and political perspective. To this end, it examines the motivations behind Italy’s political shift, the reconfiguration of the bilateral cooperation framework, and Italy’s position on the global stage.