At the annual Group of 20 summit, US President Joe Biden, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced an ambitious economic corridor project linking India with the Middle East and Europe.
Historic Initiative For Cooperation on Connectivity and Infrastructure
The India-Middle East-Europe economic corridor will be a first-of-its-kind initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US.
“The ‘India-Middle East-Europe’ economic corridor is historic. It will be the most direct connection till date that will make trade faster,” said Ursula von der Leyen at the Partnership for Global Infrastructure Investment (PGII) event.
STORY | India-Middle East-Europe Corridor announced; PM stresses on respect for territorial integrity in connectivity projects
READ: https://t.co/Yh2L1VK2I9#G20India2023 pic.twitter.com/pQh3mqXxXo
— Press Trust of India (@PTI_News) September 9, 2023
Trade Between India and Europe To Be 40% Faster
“An India – Middle East – Europe economic corridor will make trade between India and Europe 40% faster”, added Von der Leyen. She described it as a “green and digital bridge across continents and civilizations” that includes cables for electricity and data transmission.
Ambitious Project To Boost Trade and Cooperation
The plans to build a rail and shipping corridor between India, the Middle East and Europe is an ambitious initiative aimed at fostering economic growth, transporting energy resources, improving digital connectivity and promoting political cooperation.
“This is a really big deal,” said Biden, emphasizing the project’s importance.
Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation, and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents. pic.twitter.com/vYBNo2oa5W
— Narendra Modi (@narendramodi) September 9, 2023
Enhanced Infrastructure To Make Middle East an Economic Hub
The corridor would include India, Saudi Arabia, UAE, Jordan, Israel and EU. It would help turn the Middle East into an economic hub rather than a “source of challenge, conflict or crisis”, said Jake Sullivan, Biden’s national security adviser.
Conversations around the project started in January 2022. By spring, assessments of existing rail infrastructure were being made. In May, the US team visited Saudi Arabia to meet counterparts. Since then, work has progressed to finalize details.
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Bringing Israel and Saudi Arabia Together
An interesting aspect is the involvement of both Israel and Saudi Arabia, despite lack of diplomatic ties. The US has been pushing them towards normalization.
At the PGII meet, PM Modi said the project shows continued commitment towards the shared vision of quality infrastructure investment. Biden also emphasized the corridor’s importance for integrating West Asia with Europe.
The India-Middle East-Europe economic corridor marks an important milestone in cooperation, connectivity and economic growth. With transparency and sustainability as guiding principles, it aims to transform the Middle East into an economic hub.
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