G-20 Summit in India Photo: Video clip
The United States, India, the European Union and Saudi Arabia have agreed to create a new India-Middle East-Europe Economic Corridor (IMEC), according to a published memorandum. The objective of this project will be to stimulate economic development by expanding trade links and integration between Asian countries, Gulf countries and European countries.
IMEC will consist of two separate corridors: an eastern one that will connect India to the Persian Gulf and a northern one , which will connect the Persian Gulf with Europe. The project will include the development of rail infrastructure providing a reliable and cost-effective cross-border shipping and rail transit network. This will complement existing routes and ensure smooth transit of goods and services between India, UAE, Saudi Arabia, Jordan, Israel and Europe.
The corridor is expected to reduce costs, enhance economic cohesion, increase efficiency, create jobs and reduce greenhouse gas emissions. This will ultimately lead to the transformational integration of Asia, Europe and the Middle East.
Indian Prime Minister Narendra Modi said at a press conference that “This corridor will show the world a sustainable way.”
US President Joe Biden he said Washington would invest in a rail line from Angola to the Indian Ocean.
He noted that “it will create jobs and increase food security.” Biden called the investment “revolutionary” and added that “the world is at a historic turning point.” “Let's work together,” said the US president.
Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud said the kingdom hopes the project will go ahead.
European Commission President Ursula von der Leyen noted that “this will be the most direct connection between India, the Middle East and Europe”, making travel 40% faster.