The recently concluded G20 Summit of 2023, which was hosted by India for the first time in history, turned out to be a major success. The summit brought together leaders from the world's largest economies to discuss pressing global issues and foster international cooperation. Strengthening its ties with the Middle East, India and the United Arab Emirates (UAE) unveiled a memorandum signed between the two nations to construct a trade corridor connecting different continents. The MoU was also signed by France, the United States, Saudi Arabia, Germany, Italy, and the European Union.
Related | What Are The Key Achievements Of G20 Summit Under India’s Presidency? All You Need To Know
About the India-Middle East-Europe Corridor (IMEC Corridor)
The IMEC corridor will comprise two separate corridors- the eastern corridor and the northern corridor. The eastern corridor will connect India to the Arabian Gulf and the northern corridor will connect the Arabian Gulf to Europe.
The corridor will facilitate the connectivity between India and Europe. Moreover, it is envisioned to ease the flow of energy and trade from the Gulf to Europe by reducing shipping delays, prices, and fuel consumption.
It will incorporate a railway line, creating a cost-effective cross-border ship-to-rail transit network to enhance current marine and road transportation lines. The corridor will transport commodities and services between India, the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe. It will significantly reduce the cost of transportation and strengthen ties between the nations that will be connected by it.
The IMEC corridor is supposedly the alternative to China’s BRI (Belt and Road Initiative), which is also referred to as the New Silk Road.
Here is the proposed route of the corridor:
Proposed India-Middle East-Europe trade corridor explained in this video. pic.twitter.com/ndshkZOji0
— Vice Admiral Arun Kumar Singh (@subnut) September 11, 2023
Also Read | African Union as a permanent G20 Member: What is the African Union? How will it impact the G20?
Comments
All Comments (0)
Join the conversation