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India-Middle East-Europe Corridor: New Economic Order



  May 22, 2024

India-Middle East-Europe Corridor: New Economic Order


 
The India-Middle East-Europe Corridor (IMEC) is set to transform global trade and economics. Announced at the G20 Summit in New Delhi, the IMEC MoU includes signatories like the US, UAE, Saudi Arabia, France, Germany, Italy, the EU, and India.

IMEC aims to create a comprehensive transportation network, including rail, ship-to-rail, and road links, which will enhance efficiency, reduce costs, and generate employment. This network will consist of two routes: the East Corridor connecting India to the Arabian Gulf and the Northern Corridor linking the Arabian Gulf to Europe. Additionally, the corridor will feature an electricity cable, a hydrogen pipeline, and a high-speed data cable, promoting a lower carbon footprint for the regions involved.

Finance Minister Nirmala Sitharaman emphasized that the IMEC would be a game-changer for India, facilitating better connectivity with European markets. Historically, Pakistan's denial of overland access has hampered India's trade routes. The IMEC will enable India to bypass Pakistan and Iran, strengthening ties with the Arabian Peninsula and countering China's influence in the Middle East.

The IMEC will also bolster India's role in renewable energy through the inclusion of electricity grids and clean hydrogen pipelines, reinforcing India's position as a green hydrogen hub. This initiative will make India a more attractive trade and investment destination, further enhancing its global economic stature.

The IMEC's potential for replicability to connect India with Africa and the development of Special Economic Zones along its routes is expected to drive substantial economic growth and foreign investment in the region.



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