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G7 Summit Highlights Importance of India-Europe Economic Corridor. What Is It?

The recently held G7 Summit in Italy placed significant emphasis on the India-Europe Corridor, also known as the India-Middle East-Europe Economic Corridor (IMEC). The infrastructure aims to strengthen strategic ties amid ongoing tensions in West Asia. India has already commenced work on the IMEC, initially announced during the G20 Leaders Summit in Delhi last year. […]

The recently held G7 Summit in Italy placed significant emphasis on the India-Europe Corridor, also known as the India-Middle East-Europe Economic Corridor (IMEC). The infrastructure aims to strengthen strategic ties amid ongoing tensions in West Asia. India has already commenced work on the IMEC, initially announced during the G20 Leaders Summit in Delhi last year. However, essential rail links in Saudi Arabia and other countries still need to be established.

The communique, issued on June 14 following the traditional “family photo” at Borgo Egnazia luxury resort, reiterated the G7’s commitment to a “free and open Indo-Pacific” based on the rule of law. It also highlighted the promotion of G7 PGII (Partnership for Global Infrastructure and Investment) initiatives and transformative economic corridors like the Lobito Corridor, Luzon Corridor, Middle Corridor, and IMEC. These efforts build on the EU Global Gateway, Great Green Wall Initiative, and Italy’s Mattei Plan for Africa.

What is the IMEC?

The IMEC is a connectivity project that aims to enhance trade infrastructure, including ports, railways, roads, sea lines, and pipelines, to improve connectivity between India, the Arabian Peninsula, the Mediterranean region, and Europe, potentially expanding access to Africa. The Memorandum of Understanding (MoU) for IMEC was signed in September 2023 during the G20 summit in New Delhi by India, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, Italy, the US, and the EU. Israel and Greece have also shown interest in joining the project.

However, the IMEC faces geopolitical challenges, particularly following the Hamas attacks on October 7 and the ongoing Israeli assault on Gaza. In the current situation, connecting Jordan with Israel may encounter strong opposition from the Jordanian public, especially the Palestinian population, and the government has firmly opposed Israel’s actions in Gaza, according to the Carnegie Endowment for International Peace.

 

 

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G7IndiaIndia-Europe Economic CorridorTDGThe Daily Gaurdian