Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Italy's foreign minister defends MOU agreements with China

Published 03/14/2019, 09:10 AM
Updated 03/14/2019, 09:15 AM
© Reuters. 2019 World Economic Forum (WEF) annual meeting in Davos

© Reuters. 2019 World Economic Forum (WEF) annual meeting in Davos

ROME (Reuters) - Italian Foreign Minister Enzo Moavero on Thursday defended the commercial accords Italy is poised to sign with China as part of its "Belt and Road" initiative and said they had the backing of President Sergio Mattarella.

"My understanding is that a balance has been found" between the interests of promoting trade and defending national security, Moavero said in answer to questions from a parliamentary panel.

The United States, which fears China's growing international clout and penetration into strategic areas such as telecommunications, has raised concerns about allies' participation in the Belt and Road scheme. The European Union is meanwhile wary of Chinese takeovers in critical sectors.

Italian Prime Minister Giuseppe Conte has said he may sign a series of Memorandums of Understanding on Belt and Road infrastructure investments when Chinese President Xi Jinping visits Rome and Palermo later this month.

That would make Italy the first Group of Seven major industrialized nation to sign up for the initiative, which aims to create an infrastructure network like the old Silk Road linking China with Asia, the Middle East, Europe and Africa.

A number of smaller European Union states have already signed MOUs with China.

"We have to be concrete and pragmatic, Italy is a major manufacturing and exporting country for whom it's very important to have access to such a large market as China," Moavero said.

The minister, an academic who is not a member of either of the ruling parties -- the right-wing League and the populist 5-Star Movement -- stressed that the MOUs were framework agreements and not binding international treaties.

© Reuters. 2019 World Economic Forum (WEF) annual meeting in Davos

He added that government is considering strengthening its so-called "golden powers," which are tools that allow the state to safeguard strategic assets from foreign ownership.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.