IMEC - INTERNATIONAL

News: Violence in West Asia will not affect the India-Middle East-Europe-Economic Corridor, says Sitharaman

 

What's in the news?

       The conflict in Israel and Palestine will not dampen plans for the India-Middle East-Europe Economic Corridor (IMEC), Finance Minister Nirmala Sitharaman noting that the strife didn’t figure significantly in parleys held with G20 Finance ministers in Marrakech, Morocco.

 

IMEC:

       The India-Middle East-Europe Economic Corridor (IMEE-EC) is an infrastructure development project that aims to create connectivity through rail and shipping networks, energy cables and data links.

       It is part of the Partnership for Rail and Shipping Corridors Global Infrastructure Investment (PGII) and focuses on enhancing global trade and cooperation through critical infrastructure development.

 

Participating Countries:

       India, Saudi Arabia, UAE, France, Germany, Italy, USA, EU.

 

Objective:

       It aims to boost trade, clean energy and economic growth while providing an alternative to China’s Belt and Road Initiative (BRI).

 

Components:

       Railway lines (make trade between India and Europe 40% faster).

       Electricity cable and a clean hydrogen pipeline to foster clean energy trade.

       High-speed data cable to link innovative digital ecosystems in the world and create business opportunities.

 

Significance:

       Enhancing food security, regional supply chains, trade accessibility, environmental considerations, economic cohesion, job creation and reduces greenhouse gas emissions.

       Reliable cross-border ship-to-rail transit network connecting India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.

       It offers India a crucial role in global commerce, digital communication, and energy networks vis-à-vis China’s BRI

       Geographical Advantage - It firmly positions India along the trade route spanning South East Asia to the Gulf, West Asia, and Europe.