Red Sea Developments Highlight Need For Multiple Connectivity Corridors: EAM Jaishankar

India's External Affairs Minister, S. Jaishankar, has indicated that India would consider mediating to resolve the Russia-Ukraine conflict if approached.

External Affairs Minister S Jaishankar

Source : getty

New Delhi: External Affairs Minister S Jaishankar said on Tuesday that the the recent developments in the Red Sea reflected the fragility of existing connectivity links and it reinforced the need to create multiple transport corridors with in-built resilience. In an address at a conference, he highlighted India's deepening relations with Europe and said the ambitious India-Middle East-Europe Economic Corridor (IMEC) would create significant opportunities for global economic growth.

Jaishankar noted that the IMEC initiative, unveiled last September, was conceived without full appreciation of the vulnerabilities inherent in existing transportation routes. Recent incidents in the Red Sea, particularly attacks on cargo vessels by Houthi militants in response to regional conflicts, have served as a stark reminder of these vulnerabilities, as per PTI. . "Perhaps all of us were not adequately cognisant of the fragility of existing connectivity," he remarked, referring to discussions held during the G20.

Jaishankar emphasised the imperative of establishing multiple resilient corridors of connectivity, citing the significance of Europe and India as major production and consumption hubs. The India-Middle East-Europe Economic Corridor (IMEC), viewed as a collaborative effort by like-minded nations, aims to counter China's Belt and Road Initiative (BRI), which has faced criticism for its lack of transparency and respect for sovereignty, as per PTI.

Highlighting that IMEC is not the sole corridor, Jaishankar mentioned ongoing efforts, including a longer corridor through Iran. He also outlined other potential connectivity avenues beneficial for India and Europe, such as the India-Myanmar-Thailand trilateral highway project and the exploration of the polar route, which could offer a new logistical pathway through the Indo-Pacific region, reported PTI.

Jaishankar also underscored India's economic prowess and its trajectory for future growth. With India's GDP projected to reach $7.3 trillion by the end of the decade and $30 trillion by its 100th year of independence, Jaishankar emphasised the significance of India's evolving role in the global economy.

In light of India's growing economic prominence, he also stressed the importance of smoother economic interfaces between India and the European Union. He urged the EU to prepare for India's increasing significance and underscored the need for collaborative efforts to ensure robust connectivity and sustainable economic growth, as per PTI.

Jaishankar outlined six key drivers of the world economy: production and consumption, connectivity and logistics, technology, demographics, values and comforts, and business architecture. He emphasized the importance of trust and transparency in the digital age, particularly in areas such as AI, electric vehicles, space technology, and smart cities.

Speaking on human skilling and mobility, Jaishankar highlighted recent agreements with European partners aimed at promoting legal movement and the transfer of specific skill sets.

Jaishankar also stressed the significance of concluding free trade agreements with the European Union and EFTA to boost trade levels and create a more conducive framework for economic acceleration.

'We're Open If Approached': Jaishankar On Possibility Of India Mediating To End Russia-Ukraine Conflict

External Affairs Minister, S. Jaishankar, has indicated that India would consider mediating to resolve the Russia-Ukraine conflict if approached but clarified that India does not intend to initiate any mediation efforts independently. In an interview with German economic daily Handelsblatt, Jaishankar discussed India's stance on various aspects of the conflict and its implications, reported PTI.

Regarding India's energy procurement amidst the Ukraine conflict, Jaishankar explained that India's suppliers in the Middle East prioritised supplying petroleum products to Europe due to higher prices, leaving India with no choice but to procure Russian crude oil. He emphasised India's deep-rooted and friendly relationship with Russia, highlighting the need for Europe to understand India's perspective, especially concerning its relations with Russia.

Jaishankar acknowledged that India is committed to ending the conflict and has provided assistance in specific instances, such as facilitating negotiations for a corridor through the Black Sea and supporting inspections by the International Atomic Energy Agency (IAEA) at the Zaporizhzhya nuclear power plant. However, he emphasised that India believes in being approached for mediation rather than initiating it independently, as per PTI.

Addressing criticism of India's procurement of Russian crude oil amid Western sanctions, Jaishankar argued that such procurement stabilised the energy market, preventing a further increase in global inflation.

"India has had a stable and very friendly relationship with Russia, and that Moscow never hurt New Delhi's interests.We, on the other hand, had a politically and militarily much more difficult relationship with China", PTI quoted Jaishankar as saying.

When questioned about India's desire for European support during the border conflict with China in 2020, Jaishankar emphasised the importance of recognising inherent differences in perspectives between nations. He underscored that just as he doesn't anticipate Europe to share India's exact viewpoint on China, similarly, Europe should acknowledge that India's stance on Russia may not align entirely with theirs.