As Israel and Hamas have reached an agreement for a ceasefire and the release of hostages, peace is likely to return to the Middle East. If the cessation of hostilities is achieved as per the expected lines in the region, peace will follow. Countries, not only the ones located in the region, but also emerging powers like India will be bracing for several opportunities to extend their national interest.
Following the Hamas attack on Israel in October 2023, several projects, including the India-Middle East-Europe Economic Corridor (IMEC) hit a roadblock.
What is IMEC?
The long-awaited peace in the Middle East will have implications for projects that have been planned in the region, and the India-Middle East-Europe Economic Corridor (IMEC) Project is one such initiative. It was signed by eight countries – India, the US, Saudi Arabia, UAE, European Union, France, Germany and Italy on September 9, 2023, in New Delhi.
The IMEC project holds significant geopolitical and economic implications for India as it focuses on enhancing global cooperation, becoming part of the Partnership for Global Infrastructure and Investment (PGII).
PGII is a partnership which seeks to achieve values-driven, high-impact, and transparent infrastructure partnerships to meet the enormous infrastructure needs of low and middle-income countries.
Here's what Biden said on IMEC
Speaking to reporters following the ceasefire announcement between the conflicting parties in Gaza, US President Joe Biden also underscored the significance of the IMEC initiative, saying, "At the G20 in Delhi on September 23, I rallied key countries behind a vision of an economic corridor from India across the Middle East to Europe. That vision can now become a reality."
The IMEC is seen as an alternative to China's One Belt, One Road Initiative as it aims to strengthen transportation and communication links between Europe and Asia through rail and shipping networks.
IMEC showcases India's proactive role in global diplomacy: Report
According to a recent report by the Hudson Institute think-tank, the IMEC serves as an example of how India has been instrumental in using multilateral initiatives to pursue its expanding strategic and economic interests.
The report says that the IMEC project underscores New Delhi’s proactive approach to regional economic integration and infrastructure development as it is seen as an alternative to China’s Belt and Road Initiative.
The report further adds, "India’s involvement in the negotiations between Israel and the United Arab Emirates that ultimately resulted in the Abraham Accords marks another significant diplomatic shift toward greater flexibility and engagement."
As the ceasefire and the release of hostages, the already unstable Middle East is set to get a respite with Israel likely to stop being a party in an outgoing conflict, India and other countries are expected to move ahead with the IMEC project.
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