Italy and China signed a Memorandum of understanding to support the initiative “One belt, one road”. Reported by the Associated Press.
Italy was the first G7 country which acceded to the creation of a “New silk road”.
The ceremony of signing was held on Saturday, March 23. Italy was represented by the Prime Minister, Giuseppe Conte, China – President XI Jingping arrived on a working visit.
Italy plans to increase exports to China, said the Minister of economic development Luigi Di Maio. He also said that the cost of a number of separate transactions concluded on Saturday, is 2.5 billion euros with a potential of up to 20 billion euros.
As a reminder, in 2013, China announced a new economic development strategy of “One belt and one road”, aimed at creating infrastructure and establishing ties between countries of Eurasia.
The strategy envisages the creation of a trade corridor for direct delivery of goods from East to West through Russia and Kazakhstan on favorable terms. The idea of the new silk road is based on the example of the Great silk road, which in ancient times was one of the most important trade routes in the world.
Prime Minister of Ukraine Volodymyr Groysman said that Ukraine intends to synchronize its regulations with the legislation of the European Union and with the countries-participants of the project “New silk road”.