IRIA News

Italian Prime Minister Giorgia Meloni said she’s “very satisfied” with her trip to China, which was aimed at bolstering cooperation and resetting trade ties with the world’s second-largest economy. Meloni’s visit marks her first as prime minister and comes after Italy’s withdrawal from Chinese President Xi Jinping’s Belt and Road Initiative last year.

Meloni’s mission is clear: to rebalance Italy’s trade relationship with China. “Today, Italian investment in China is about three times as much as Chinese investment in Italy,” Meloni told reporters. “We want to work to remove obstacles so that our products can access the Chinese market.” She emphasized that Italy seeks to “strengthen our cooperation to rebalancing trade.”

Italy’s strategic importance to China cannot be overstated. As the euro zone’s third-largest economy, Italy has previously forged independent paths with Beijing. With the European Union’s vote on imposing tariffs on Chinese electric vehicles looming in October, Italy’s stance could influence the bloc’s decision.

In 2019, Italy became the only member of the Group of Seven (G7) to join the Belt and Road Initiative (BRI), a diplomatic victory for China. Despite Rome’s exit from the program under U.S. pressure last year, Italy remains committed to developing its trade ties with the $18.6 trillion economy.

Meloni’s visit coincides with the twentieth anniversary of the Global Strategic Partnership between Italy and China and the 700th anniversary of Marco Polo’s death. It is also the first visit by an Italian leader to China in five years, underscoring its significance in strengthening strategic ties. The four-day visit began on July 28, 2024.

Italy aims to rebalance ties with China

Meloni held a crucial meeting with Chinese President Xi Jinping in Beijing. During this one-and-a-half-hour meeting, the two leaders discussed the broader geopolitical landscape and Italy’s role. They emphasized the necessity of maintaining open and constructive dialogue, particularly in areas of strategic interest, and addressed the importance of transparency, security, and fairness in their bilateral relations. Xi and Meloni agreed on promoting stability and peace through international cooperation.

On the first day of her visit, Meloni met with Chinese Premier Li Qiang. Their discussions focused on enhancing bilateral trade and reciprocal investments, promoting balanced and sustainable economic development, and strengthening scientific and cultural collaboration.

They also addressed global challenges such as artificial intelligence and climate change through shared solutions. A key outcome was the adoption of a 2024-2027 Action Plan to strengthen the Global Strategic Partnership and the signing of six agreements related to industrial collaboration, geographical indications protection, food safety, the environment, and education.

“I am very satisfied with the results and the exchanges we had at the highest levels,” she told Shanghai’s Communist Party chief Chen Jining in the city, which hosts Italy’s largest business community in China. She added that rebalancing ties with China was the “right thing to do.”

Meloni and Li Qiang participated in the inaugural session of the 7th edition of the Italy-China Business Forum, attended by over 100 Italian and Chinese companies and trade associations. This forum aims to boost economic ties and foster mutual investment opportunities, highlighting sectors such as luxury goods, machinery exports, food products, and the “Italian way of life.”

When asked whether she had discussed Chinese automakers opening factories in Italy during her meeting with President Xi, Meloni said “no” but added: “The issue of electric mobility is one of the topics included in our memorandum of industrial cooperation.” She told Xi that Italy plays an important role in China’s relations with the EU, which are currently dominated by talk of tariffs, but continued to say that she hoped for trade relations that are “as balanced as possible.”

JUST IN: 🇮🇹 🇨🇳 President Xi Jinping meets with Italian Prime Minister Giorgia Meloni.

Italy and China sign a 3-year action plan to strengthen economic ties and to implement past agreements and explore new forms of cooperation. pic.twitter.com/7CnH6IRBIZ

— BRICS News (@BRICSinfo) July 29, 2024

As Meloni’s visit progresses, Italy’s approach to China will be shaped by its commitments to the EU and NATO. The outcomes of these meetings are expected to significantly influence Italy’s foreign policy and trade strategies, aligning them with broader European objectives while safeguarding national interests.

Prime Minister Meloni’s visit marks a pivotal moment in Italy-China relations, with potential long-lasting impacts on trade, cultural collaboration, and global issues. The agreements and discussions held during this visit signal a renewed commitment to fostering sustainable development and international cooperation between the two nations.