Italy and China forge new three-year cooperation plan
Italy and China have signed a three-year action plan aimed at implementing past agreements and exploring new forms of cooperation. The announcement was made by Italy’s Prime Minister Giorgia Meloni during her official visit to Beijing. This marked a significant step in resetting relations between the two nations.
Prime Minister Meloni’s five-day visit to China comes several months after Italy’s exit from China’s Belt and Road Initiative (BRI). The BRI is a cornerstone of Chinese President Xi Jinping’s foreign policy. The iniciative focuses on developing global trade infrastructure and enhancing China’s international ties. Italy withdrawed from the BRI, but even so the country remains eager to maintain a strong economic relationship with China.
Meloni emphasized the importance of this renewed cooperation, particularly in the context of global complexities and multilateral interests. “We certainly have a lot of work to do and I am convinced that this work can be useful in such a complex phase on a global level, and also important at a multilateral level,” she stated at the start of her meeting with Chinese Premier Li Qiang.
Economic cooperation
Economic ties between Italy and China remain robust, highlighted by recent developments in the automotive sector. In May, Stellantis, which includes Italy’s Fiat, announced a joint venture with Leapmotor. This is a Chinese electric vehicle startup. Both are aiming to introduce EVs to the European market.
Premier Li addressed business leaders from both countries. He noted that China’s economic upgrade will increase demand for high-quality products. Thereby, the opportunities for cooperation will expand. He also assured that China would continue to open its markets, provide equal treatment for foreign companies, and foster a transparent and predictable business environment.
Future prospects
Li expressed hopes that Italy would reciprocate by ensuring a fair and non-discriminatory business environment for Chinese companies operating in Italy. Meloni, in turn, highlighted the signing of an industrial collaboration memorandum, covering sectors like electric vehicles and renewable energy. She noted that China has been at the technological forefront in these areas and is eager to share advancements with its partners.
The signing of the three-year plan signifies a pivotal moment in Italy-China relations, underscoring both countries’ commitment to enhancing economic collaboration and addressing global challenges together.
