Italy to join China's Belt and Road Initiative

Last Updated: March 21, 2019

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Italy to join China's Belt and Road Initiative

Italy to join China's Belt and Road Initiative

21 March 2019 Current Affairs: Italian Prime Minister Giuseppe Conte pledged to make Italy the first Group of Seven nation to join China's ambitious Belt and Road initiative (BRI).
This move will help rebalance Italy's trade with the Asian nation.
Four Italian ports could reportedly be opened to Chinese investments for BRI.
The US has warned Italy against joining the Chinese initiative.
About Italy:
♦ President: Sergio Mattarella
♦ Capital: Rome
♦ Currency: Euro
About China's Belt and Road Initiative:
♦ Also known as the One Belt One Road (OBOR)
♦ First proposed by President Xi Jinping in 2013.
♦ It is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors.
♦ "Belt" refers to the overland routes for road and rail transportation, called "the Silk Road Economic Belt";
♦ Whereas "road" refers to the sea routes, or the 21st Century Maritime Silk Road.
Aim: To strengthen infrastructure, trade, and investment links between China and some 65 other countries that account collectively for over 30 percent of global GDP, 62 percent of population, and 75 percent of known energy reserves.

Daily Current Affairs 2019



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