Italy Tells China It Will Exit Belt and Road Pact

(Bloomberg) — The government of Italian Prime Minister Giorgia Meloni formally told China it would exit the Belt and Road Initiative. The pact “has not produced the desired effects” and is no longer “a priority,” Foreign Minister Antonio Tajani said at a Rome event Wednesday hosted by newswire Adnkronos.

Italy was the only Group of Seven country to join the pact, launched a decade ago to boost economic ties and expand the influence of the world’s second-biggest economy.