An Indian inter-ministerial delegation visited the UAE to explore the operational elements of the India-Middle East-Europe Economic Corridor (IMEC), a significant step forward since the agreement was signed.
About IMEC Project
- IMEC is a component of the larger Partnership for Global Infrastructure and Investment (PGII), which focuses on infrastructure development in economically developing countries.
- The IMEC MoU was formally approved on September 10, 2023, at the 2023 G20 New Delhi summit.
- Signatories to this pact include India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union.
- Aim: To strengthen economic cooperation between Asia, Europe, and the Middle East.
- Objectives:
- Increase transportation efficiency, reduce costs, and foster economic cooperation among member countries.
- Create job opportunities and minimise greenhouse gas (GHG) emissions.
- Facilitate commerce and connectivity, altering regional integration throughout Asia, Europe, and the Middle East.
Significance:
- IMEC will provide a reliable and cost-effective cross-border ship-to-rail transit network, complementing current marine and road transport networks.
- The IMEC Project has great promise for rethinking regional trade dynamics and creating long-term economic growth and collaboration among participating nations.
Source: https://ecfr.eu/publication/the-infinite-connection-how-to-make-the-india-middle-east-europe-economic-corridor-happen/#:~:text=IMEC%20would%20help%20reinforce%20European,connectivity%20with%20a%20central%20energy