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Agreement Between China And Italy

Given the investment and trade flows between China and Italy, the Sino-Italy-MoU should not necessarily come as a surprise. However, whether it will significantly increase two-way investment will depend on a large number of factors. From a legal point of view, two main factors must be taken into account. The introduction of the BRI has further increased China`s interest in investing in Italy, notably thanks to Italy`s port infrastructure, which is undoubtedly a major magnet for China. In particular, the port of Trieste in northern Italy is an important entry point for Chinese products into the rest of Europe.15 During President Xi Jinping`s visit to Rome in March 2019, the China Communications Construction Company (a state infrastructure group) signed cooperation agreements with the port authorities of Trieste and Genoa16 In parallel, China Merchants, a terminal manager of a State-owned company based in Hong Kong, has signed cooperation agreements with the port authorities of Trieste and Genoa16. was already in talks on setting up a joint venture for a terminal in Trieste.17 Against a backdrop of Italian, Chinese and European flags, a number of Chinese and Italian ministers and economic leaders signed 29 separate agreements at Villa Madama that marked the culmination of Xi`s visit to Rome. where he was welcomed as a valued ally. Critics said conquerors. The agreements signed in Rome are in the midst of the question of whether Chinese company Huawei should be allowed to build essential communications networks, after the United States expressed fears about its ability to help Beijing spy on the West. Although this agreement is ambitious, it should be noted that it is not very binding; it does not entail any obligation for the signatories. It should not be seen as an end in itself, but as the beginning of a possible Italian participation in the new Silk Roads. This cooperation has yet to be put in place The Memorandum of Understanding between China and Italy is therefore a first step towards Italy`s integration into the “Belt and Road” initiative and does not oppose the European project. On the contrary, for China-Italy cooperation to work, China and the entire European Union must continue to cooperate, as Chinese Foreign Minister Wang Yi said in early March.

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© 2021 Teague Gray