Rail and shipping corridor connecting India to Europe and the Middle East unveiled by PM Modi and Joe Biden. Here's everything you need to know 

President Joe Biden, along with his allies aim to unveil on Saturday a proposal that links India to the Middle East through a shipping route that may potentially extend to Europe. 

The move could significantly have an influence on global trade. It is to be announced at the time of the G20 Summit.
The agreement relating to a shipping and railway transport corridor will comprise India, the United States, the United Arab Emirates, the European Union, Saudi Arabia, and the additional G20 countries, as stated by the deputy national security adviser Jon Finer.
Prime Minister Narendra Modi and President Joe Biden aim to reveal the project under the ambit of the Partnership for Global Infrastructure Investment. The initiative comprises a rail and shipping corridor and intends to foster increased trace between the countries participating. This will also include the exchange of energy products. 

Moreover, the corridor holds the potential to prove to be a robust response to the Belt and Road Initiative by China, which intends to link the Chinese economy with various parts of the world.
Jon Finer stated three important justifications for the project. First things first, he stressed the fact that the corridor will foster economic prosperity among the countries participating by strengthening digital communication and transportation of energy resources.
The second justification Finer gave was that the initiative intends to deal with the infrastructure deficit that adversely affects growth in middle and lower-income countries.  Finally, Finer stated that the project can help in easing tensions in the Middle East. This would further enhance overall regional security.

US President Joe Biden expressed this by saying, "This is a really big deal."

How will the corridor help?

The corridor would foster trade, along with improving digital connectivity and delivery of energy resources. This would include Jordan, the European Union, Israel, the United Arab Emirates, India, and Saudi Arabia, as stated by Biden's national security adviser, Jake Sullivan.

Jake Sullivan further stated that the network is a representation of US President Joe Biden's vision relating to "far-reaching investments", that emerge from "effective American leadership", along with a will to embrace other countries as partners. He asserted that the enhanced infrastructure is going to foster economic growth. It will help nations in the Middle East. The move, as per Sullivan, is going to set that area as a hub for economic activity, rather than a "source of challenge, conflict, or crisis", as the area has been in the recent past.

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