G20 Summit: Prime Minister Narendra Modi, US President Joe Biden, Dubai Crown Prince Mohammad Bin Salman among other leaders jointly announced India-UAE-Europe economic corridor including railways and shipping links to boost economic activity in the region.
United States President Joe Biden termed the new economic corridor a 'big deal' adding that it was focused on building a sustainable, resilient infrastructure, making quality infrastructure investments, and creating a better future.
Jointly announcing the economic corridor project with PM Modi, Joe Biden said he was proud to announce that they have finalised a "historic agreement" for the new India-Middle East-Europe Economic Corridor.
"As key part of this corridor, we are investing in ships and rails, that extends from India to Europe connected by the UAE, Saudi Arabia, Jordan and Israel. It will make it far easier to trade. I want to thank sponsors and particularly Prime Minister Modi and (Saudi Crown Prince) Mohammed bin Salman," he said.
The launch of the initiative was hailed as "historic" by leaders of all participating nations, including the co-chairs Prime Minister Narendra Modi and US President Joe Biden.
Besides Modi and Biden, European Commission President Ursula von der Leyen, French President Emmanuel Macron, German Chancellor Olaf Scholz, Italian Prime Minister Giorgia Meloni, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and UAE President Mohammed bin Zayed Al Nahyan participated in the event.
Historic partnership achieved with this corridor, says PM Modi
Hailing the project, PM Modi said, "I am happy to co-chair this event with my friend President Biden," and added that an important and historic partnership had been achieved with this corrider.
He said that in the times to come, it will become an effective medium for economic integration of India, the Middle East and Europe.
"It will give a new sustainable direction to connectivity and development in the entire world," the prime minister said.
India-Middle East-Europe corridor an alternative to China's Belt and Road initiative
The new economic corridor was jointly announced by India, United States, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit.
It is being seen as an alternative to China's Belt and Road Initiative.
What is India-Middle East-Europe economic corridor?
- Under this agreement, countries have signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor to stimulate economic development through enhanced connectivity.
- The corridor would be productive for economic integration between Asia, the Arabian Gulf, and Europe.
- The initiative will consist of two separate corridors -- East Corridor connecting India to West Asia/Middle East and Northern Corridor connecting West Asia or Middle East to Europe.
- A railway line will be developed for better connectivity and to provide a reliable and cost effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transshipment of goods and services between South East Asia through India to West Asia or Middle East Europe.
- Along the railway route, participants intend to enable the laying of cable for electricity and digital connectivity, as well as pipe for clean hydrogen export.
- This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental social, and government impacts.
With inputs from PTI