The recently concluded G20 2023 summit, hosted by India for the first time in history, proved to be a great success. The summit brought together the leaders of the world’s largest economies to discuss pressing global issues and encourage 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 build a trade corridor connecting different continents. The MoU was also signed by France, the United States, Saudi Arabia, Germany, Italy and the European Union.
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About the India-Middle East-Europe corridor (IMEC corridor)
The IMEC corridor will consist of two separate corridors – the eastern corridor and the northern corridor. The Eastern Corridor will connect India with the Arabian Gulf, and the Northern Corridor will connect the Arabian Gulf with Europe.
The corridor will facilitate connectivity between India and Europe. Moreover, it is intended to facilitate the flow of energy and trade from the Gulf to Europe by reducing ship delays, prices and fuel consumption.
It will include rail, creating a cost-effective cross-border ship-rail transit network to enhance existing maritime and road transport lines. The corridor will transport goods and services between India, the United Arab Emirates, Saudi Arabia, Jordan, Israel and Europe. It will significantly reduce the cost of transportation and strengthen the ties between the nations that will be connected by it.
The IMEC corridor is said to be an alternative to China’s BRI (Belt and Road Initiative), also called the New Silk Road.
Here is the proposed route of the corridor:
The proposed India-Middle East-Europe trade corridor is explained in this video. pic.twitter.com/ndshkZOji0
— Vice Admiral Arun Kumar Singh (@subnut)
September 11, 2023
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Categories: Trends
Source: HIS Education