Image by postcardtrip / Pixabay
By Anne Kader
Italian Premier Giorgia Meloni has signaled at G20 in New Delhi that Italy plans to withdraw from the Chinese Belt and Road Initiative (BRI), Beijing’s landmark effort to connect global trade routes. The BRI has been accused of debt-trapping its customer states and facilitating Chinese exports rather than aiding mutual trade.
While Beijing likes to see itself as the center of the new economic order and expects the Yuan replace the dollar in the global markets, not all nations are willing to jump on board with its vision.
During the same weekend that the G20 took place, India, Saudi Arabia, the UAE and Israel announced their plan to establish a trade route between Europe and India via the Middle East. The vision receives support from the Biden Administration, which has seen Chinese entry into the Middle East as a regional threat.