Context: At the recent 18th G20 Summit, which was hosted by India, countries unanimously agreed to establish the India Middle East Europe Corridor (IMEC).
Corridor to a new world
- India, EU, Saudi Arabia, UAE, Germany, France, Italy and USA have agreed to establish India-Middle East-Europe Economic Corridor (IMEC).
- IMEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, Arabian Peninsula and Europe.
- IMEC will comprise of two separate corridors. (i) Eastern Corridor connecting India and Arabian Gulf. (ii) Northern Corridor connecting Arabian Gulf to Europe.
- It will include a railway line that will provide a reliable and cost-effective cross-border ship to rail transit network to supplement existing maritime and road transport routes – enabling goods and services to transit to, from and between India, UAE, Saudi Arabia, Jordan, Israel and Europe.
- Along the railway route, IMEC will enable laying of cable for electricity and digital connectivity and pipe for clean hydrogen export.
- This corridor will secure regional supply chains, increased trade accessibility, improve trade facilitation and support an increased emphasis on ESG impacts.
