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India-Middle East-Europe Corridor (IMEEC)
Context
Prime Minister Narendra Modi and United Arab Emirates (UAE) Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan held high-level talks to discuss the implementation of the India-Middle East-Europe Corridor (IMEEC), a strategic initiative aimed at enhancing regional connectivity and prosperity.
About IMEC
- During the G20 summit in New Delhi in September, world leaders unveiled plans for a India-Middle East-Europe Economic Corridor (IMEC).
- Need: Geopolitical and geoeconomic considerations underpin the rationale for the IMEC.
- The corridor aims to provide a reliable and cost-effective ship-to-rail transit network connecting Asia, the Middle East, and Europe, enhancing economic development through improved connectivity and integration.
- Key Participants: India, Saudi Arabia, UAE, France, Germany, Italy, USA, and the European Union are the key member nations involved in the project.
- Project Components:
- The corridor will include a railway route to create a cross-border ship-to-rail transit network, supplementing existing maritime and road transport routes.
- This will allow the movement of goods and services between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
- Along the railway track, a clean hydrogen export cable will also be laid.
- Structure of the Corridor: The project consists of two separate corridors:
- Eastern Corridor: Connecting India to the Arabian Gulf.
- Northern Corridor: Connecting the Arabian Gulf to Europe.
- Key Functions: The corridor aims to:
- Safeguard regional supply chains.
- Boost trade accessibility across these regions.
- Promote environmental, social, and governance (ESG) considerations.
- Increase efficiency, reduce costs, create jobs, and reduce greenhouse gas emissions.
- This initiative is part of the Partnership for Global Infrastructure Investment (PGII), a West-led project aimed at funding infrastructure projects globally, with a focus on economic integration, trade growth, and sustainability across Asia, the Middle East, and Europe.
Ports in the India-Middle East-Europe Economic Corridor (IMEC)
Partnership for Global Infrastructure Investment (PGII):
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