India-Middle East-Europe Economic Corridor (IMEE-EC)
On the sidelines of the G20 Summit in New Delhi, in the pursuit of deeper multi- modal connectivity, a Memorandum of Understanding (MoU) was signed among the governments of India, the US, Saudi Arabia, the European Union, the UAE, France, Germany, and Italy to establish the India-Middle East-Europe Economic Corridor.
IMEE-EC:
- The India-Middle East-Europe Economic Corridor (IMEI-EC) is an infrastructure development project that aims to create connectivity through rail and shipping networks, energy cables and data links.
- This network will aid economic growth through geographic integration between Asia, the Arabian Gulf and Europe.
- The IMEE-EC aims to promote trade, clean energy and economic growth while providing an alternative to China’s Belt and Road Initiative (BRI).
Components:
- Railway Lines: This will increase the speed of trade between India and Europe by 40 percent.
- Power cables and a clean hydrogen pipeline: Power cables and a clean hydrogen pipeline to promote clean energy trade.
- High-Speed Data Cable: High-speed data cables to connect the world’s innovative digital ecosystems and create business opportunities.
- The Eastern Corridor connects India to the Arabian Gulf, the Northern Corridor connects the Arabian Gulf to Europe.
Benefits to India:
- Food security, regional supply chains, trade access, environmental considerations, economic cohesion, enhancing job creation and reducing greenhouse gas emissions.
- Reliable cross-border ship-to-rail transit network connecting India, UAE, Saudi Arabia, Jordan, Israel and Europe.
- This gives India a significant role in global commerce, digital communications and energy networks, comparable to China’s BRI.
- Geographical advantage: It places India firmly on the trade route extending from South East Asia to the Gulf, West Asia and Europe.
Source – Indian Express
