24 March

Italy has become the first G7 country to sign a memorandum of understanding on China's Belt and Road initiative, which is designed to create a huge economic zone.

Italian Prime Minister Giuseppe Conte and Chinese President Xi Jinping observed their ministers signing a set of deals on Saturday in Rome. The main agreement calls for both nations to work together on port, road and other infrastructure projects in Italy and to boost investment and trade between the two sides.

The countries also struck a deal to allow a Chinese company to take part in redeveloping the northern port of Genova. China's Foreign Ministry says Xi told Conte that the two nations should bolster links through the Belt and Road program and other initiatives.

Italy's Deputy Prime Minister Luigi Di Maio said the value of the deals signed on Saturday could grow to 20 billion euros, or roughly 22.6 billion dollars. China apparently wants to press ahead with the Belt and Road program with Italy's support. Italy hopes the agreements will help kick-start its sluggish economy.

However, the United States and other European countries are concerned about the deals.—NHK