G20 members to back EU-Mid East-India trade plan
G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East and Europe, the United States said — a modern-day Spice Route that could more closely bind three regions that account for about a third of the global economy.
Washington, Saudi Arabia, the EU, UAE and others will sign an agreement on the sidelines of the G20 summit to explore a railway and port project to augment trade flows between Europe and India, officials said.
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The agreement comes with Washington actively engaging with Riyadh, a major oil producer and security partner, as it encourages the kingdom to normalise ties with Israel.
Jon Finer, US deputy national security advisor, said the announcement came after «months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings».
Finer said the plan could include shipping and rail transportation projects to «enable the flow of commerce, energy and data from here in India across the Middle East to Europe».
This project «has enormous potential» he said.
«But exactly how long it takes, I don't know».
The project is still in the early stages, with participants studying how best to link India's vast 1.4 billion population and quick-growing economy with markets to the west.
But Michael Kugelman, South Asia Institute director at The Wilson Center, said the plan could be a significant response to China's much-vaunted Belt and Road Initiative (BRI) — which has spread Chinese influence, investments and commerce across Europe, Africa, Asia and Latin America.
«If finalised, it would be a game changer that strengthens connectivity between India and the Middle East and would aim to counter BRI,» Kugelman posted on X, formerly
