Italy withdraws from China's new 'Silk Road' initiative

(ANSA) - ROME, DEC 6 - Italy has officially withdrawn from China's Belt and Road Initiative (BRI), a massive globe-spanning infrastructure scheme aiming to build a modern-day 'Silk Road', sources told ANSA on Wednesday, confirming a report in il Corriere della Sera.
    Italy formally exited the BRI with a letter delivered to Beijing a few days ago, the sources said.
    The moves comes after Italian Foreign Ministry Secretary General Riccardo Guariglia went on a mission to China in the summer, followed by a visit by Foreign Minister Antonio Tajani.
    The two States' intention to cultivate their strategic partnership was confirmed at the meetings and preparatory steps were taken for President Sergio Mattarella's visit to China next year, the sources said.
    Italy signed up for the BRI in 2019, making it the only G7 country to do so, but the decision not to renew the involvement was widely expected.
    The memorandum for Italy's participation in the new Silk Road initiative expires in March.
    The premier's office made "no comment" when asked about the move on Wednesday. (ANSA).