Prime Minister Modi and Joe Biden unveil a rail and maritime corridor connecting India to Europe and the Middle East. Here’s everything you need to know
A rail and maritime corridor connecting India with Europe and the Middle East unveiled by Prime Minister Modi and Joe Biden. Here’s everything you need to know
President Joe Biden, along with his allies, plans to unveil a proposal on Saturday linking India to the Middle East by a sea route that could potentially extend to Europe.
The move could significantly affect global trade. This will be announced at the time of the G20 summit. The agreement on the shipping and rail transport corridor will include India, the United States, the United Arab Emirates, the European Union, Saudi Arabia and additional G20 countries, according to Deputy National Security Adviser Jon Finer. Prime Minister Narendra Modi and President Joe Biden aim to unveil the project as part of the Partnership for Global Infrastructure Investment. The initiative consists of a rail and maritime corridor and intends to encourage increased connectivity between the participating countries. This will also include energy exchange.
Moreover, the corridor has the potential to prove to be a strong response to China’s Belt and Road Initiative, which intends to connect the Chinese economy to various parts of the world. Jon Finer cited three important justifications for the project. Firstly, he emphasized the fact that the corridor will promote economic prosperity among the participating countries by strengthening digital communication and transportation of energy resources. Finer’s second explanation is that the initiative is intended to deal with the infrastructure deficit that adversely affects growth in middle and less developed countries. Finally, Finer stated that the project can help ease tensions in the Middle East. This would further improve overall regional security.
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Categories: Trends
Source: HIS Education