G20 Summit / Italy now preparing to withdraw from BRI - shock to China from G20!

G20 Summit: The two-day G20 summit in New Delhi ended today on Sunday. The heads of state of China and Russia did not attend this conference. Chinese President Xi Jinping had sent Chinese Prime Minister Li Keqiang to Delhi as his representative. However, China is going to get a big shock from G20 because Italy, an important member of the organization, is now planning to withdraw from its ambitious project BRI and has also expressed its intention in this regard.

China is spending a lot of money on its ambitious project Belt and Road Initiative (BRI), but now it is going to get a blow from Italy on this project. Quoting sources, it is reported that Italy has started preparing to withdraw from BRI. Such indications have also been given by Italian Prime Minister Georgia Meloni during her meeting with China's PM Li Qing.

Why is Italy retreating from BRI?

Chinese Prime Minister Li met Italian PM Meloni on the sidelines of the summit on Saturday and discussed bilateral relations. This meeting is important because Italy is planning to withdraw from China's BRI because it believes that this project 'has not given the expected results.'

This meeting between the Prime Ministers of the two countries is considered important because the Italian government has openly expressed its desire to withdraw from BRI. Italy says that it is not getting any benefit from China's project worth billions of rupees. However, Georgia Meloni, during her meeting with Lee in Delhi, promised to provide a 'just, fair and non-discriminatory business environment' for investment and business here.

New corridor in response to BRI

Earlier on Saturday, during the G20 conference, India along with America and many other countries announced the ambitious India Middle East Corridor. This new corridor is being seen as an answer to China's Belt and Road Initiative. 8 countries are joining this corridor.

This corridor was jointly announced by the leaders of India, America, Saudi Arabia, United Arab Emirates, France, Italy, Germany and the European Union on the sidelines of the G20 summit. After this agreement, India will benefit from the fact that it will be directly connected to the United Arab Emirates (UAE) through the sea routes of the Arabian Sea, Gulf of Oman and Persian Gulf. If everything goes well, a railway line will also be laid between UAE and Saudi Arabia with the help of India.