Recently 'Italy' country has been left out of China's 'Belt and Road Initiative' project.

Recently 'Italy' country has been left out of China's 'Belt and Road Initiative' project.

Daily Current Affairs   /   Recently 'Italy' country has been left out of China's 'Belt and Road Initiative' project.

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Category : Business and economics Published on: December 12 2023

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  • Italy has announced its exit from the 'Belt and Road Initiative' project in December 2023.
  • The administration of Italian Prime Minister Giorgia Meloni informed Beijing that it would withdraw from the project before the end of the year.
  • BRI, launched by Chinese President Xi Jinping in 2013. (BRI) project was aimed at an estimated $1 trillion across Asia and Europe.
  • Under this project, China has to be connected to Europe and other parts of Asia by building new and advanced railway lines and ports but BRI. America has been its staunch opponent since the beginning.
  • Chinese President Xi Jinping launched the Belt and Road Initiative (BRI) project in 2013.
  • It is one of the largest infrastructure projects in the world.
  • China presents this project as a historical Silk Route.
  • In the medieval period, many countries including China used the Silk Route for trade with the countries of Asia and Europe.
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