New Delhi, Sep 16 (SocialNews.XYZ) In a significant development which could have far reaching geopolitical ramifications, the India–Middle East–Europe Economic Corridor (IMEC) was announced at the recently concluded G20 Summit in New Delhi.
A Memorandum of Understanding (MoU) regarding this was signed by India, Middle Eastern countries, Europe and the US, thus marking a significant milestone in global economic and political dynamics.
The participating nations in this initiative are Saudi Arabia, India, United Arab Emirates (UAE), France, Germany, Italy and the US.
The corridor aims to strengthen economic development by improving connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
Most significantly it is also seen as a strategic response to China’s Belt and Road Initiative (BRI), which has expanded Beijing’s influence across Asia, Africa, and Europe.
The launch of this economic underlines the global shift in economic and geopolitical power, with India at the heart of this strategic corridor.
Another significant aspect of this pact is the inclusion of Israel, a nation that has historically faced tensions with many Arab countries.
This signals at monumental shift in Middle Eastern dynamics.
The corridor will connect Israel with its Arab neighbours, promoting economic cooperation and fostering a more interconnected Middle East.
Some important aspects of IMEC are that it will consist of two distinct corridors -- the east corridor -- linking India to the Arabian Gulf and the northern corridor - connecting the Arabian Gulf to Europe.
This will include a railway network designed to offer reliable and cost-effective cross-border ship-to-rail transportation, complementing existing maritime and road routes.
The corridor will include setting up of infrastructure for electricity and digital connectivity, as well as pipelines for clean hydrogen export.
This will not only bolster regional supply chains but also improve trade connectivity.
It will also lead to greater economic unity and job creation and reduce costs.
Also IMEC will focus on environmental, social, and governance impacts, aligning the project with sustainable development goals.
Finally it will integrate Asia, Europe, and the Middle East, this creating a corridor for trade and investment.
-IANS
ans/ksk
Source: IANS
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