Rome: Italy has expressed disappointment with its trade deal with China, stating that it has not met its expectations. Italy was the only G7 country to participate in China's Belt and Road Initiative in 2019, a program aimed at improving trade links between Asia, Africa, and Europe through large-scale infrastructure investments.

Critics have voiced concerns that the initiative is a means for China to extend its influence globally. The trade deal with China is set to be automatically renewed in March 2024 unless Italy decides to withdraw from it earlier.

Italian Foreign Minister Antonio Tajani, speaking at an economic forum, noted that Italian exports to China in 2022 amounted to €16.5 billion ($17.8 billion), significantly less than France and Germany, which recorded €23 billion and €107 billion, respectively.

Tajani is set to meet with Chinese authorities during his visit to Beijing, which will be followed by a planned visit by Prime Minister Giorgia Meloni. Some experts believe that this visit will signal Italy's exit from the trade deal, with the withdrawal possibly having been agreed upon in principle with Chinese authorities.

Former Italian Treasury Chief Economist Lorenzo Codogno suggested that Prime Minister Meloni would officially announce the withdrawal during her state visit to Beijing, which is expected to take place by mid-October. However, the Italian parliament will ultimately have the final say on the matter.

It's worth noting that Italy's previous Prime Minister, Mario Draghi, had frozen the agreement and blocked significant Chinese investments in sectors considered strategically important.