G20 Summit: India Launches Economic Corridor To Connect With US, Saudi, UAE, And EU. Biden, Macron Hail Pact
India-Middle East-Europe Economic Corridor: This landmark initiative will involve the United States, India, Saudi Arabia, the UAE, the European Union, and several other G20 partners for enhancing trade and connectivity.
A momentous partnership was unveiled on Friday as Prime Minister Narendra Modi inaugurated the India-Middle East-Europe Economic Corridor, marking a significant milestone in global infrastructure development. The ambitious project, aimed at enhancing trade and connectivity between India, the Middle East, and Europe, has garnered support and enthusiasm from world leaders. This project, which embraces a vision of robust global infrastructure investment, was unveiled at the Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor program at Bharat Mandapam on the sidelines of the G-20 Summit in New Delhi.
"In times to come, it will become an effective medium for the economic integration of India, the Middle East, and Europe. It will give new direction to connectivity and sustainable development of the entire world," PM Modi said, as reported by news agency PTI.
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US President Joe Biden hailed the initiative as a "real big deal" during the G20 Summit, which is currently centered around the theme of "One Earth, One Family, One Future." This sentiment of unity resonates strongly with the economic corridor project, which seeks to build sustainable and resilient infrastructure, prioritise quality investments, and pave the way for a brighter future.
Biden emphasised the commitment made last year by nations to this vision and outlined key strategies to realise it. He underscored the importance of "economic corridors" as a driving force behind infrastructure development, especially in low and middle-income countries. The United States, in collaboration with its partners, is gearing up to invest significantly in these corridors, he affirmed.
Saudi Arabia's Crown Prince Muhammed Bin Salman expressed eagerness for the integration of the initiative and the Economic Corridor project. He lauded the collective effort that culminated in the founding of this crucial economic corridor.
French President Emmanuel Macron extended his gratitude to Prime Minister Modi and US President Biden for their leadership in organising this landmark meeting. Macron pledged Europe's commitment to invest in the corridor, recognising it as a pivotal project that would offer immense opportunities and connect people across Asia, the Middle East, and Europe. He emphasised the importance of tangible results and the realisation of a global green trade road with net-zero transport infrastructure.
Ursula von der Leyen, European Commission President, hailed the "India-Middle East-Europe economic corridor" as a historic endeavor that will establish the most direct trade connection to date, significantly expediting trade flows. "More large-scale projects are seeing the light...We are presenting two of them today. First the India-Middle East-Europe economic corridor...It will be the most direct connection to date between India, the Arabian Gulf and Europe...This is also the spirit of the second project we announce today the Trans African Corridor," she said, as quoted by news agency ANI.
On Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor, Italian PM Giorgia Meloni said, "This will scale up our economy's growth and benefit the business sector."
India-Middle East-Europe Economic Corridor (IMEE EC) To Boost Connectivity And Trade
The India-Middle East-Europe Economic Corridor (IMEE EC) comprises two distinct corridors and is aimed at enhancing economic ties and connectivity between India, West Asia/Middle East, and Europe.
The first corridor, known as the East Corridor, will link India to the Middle East and West Asia. The second corridor, the Northern Corridor, will connect West Asia and the Middle East to Europe. This ambitious project will feature a railway line that, once completed, will provide a dependable and cost-efficient cross-border ship-to-rail transit network.
"The IMEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and Europe," the Memorandum of Understanding (MoU) shared by the White House stated.
It further mentioned that the MoU is a result of initial consultations. "It sets forth political commitments of the Participants and does not create rights or obligations under international law. The Participants intend to meet within the next sixty days to develop and commit to an action plan with relevant timetables," the statement read.
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