G20 Summit: PM Modi, Joe Biden to unveil rail and shipping corridor linking India to Middle East, Europe
Joe Biden and his allies intend to unveil a proposal on Saturday that outlines a shipping route linking India to the Middle East and potentially extending to Europe. This development could have a significant impact on global trade and is set to be announced during the Group of 20 summit. As reported by AP, the suggested agreement for a shipping and railway transport corridor would encompass the United States, India, Saudi Arabia, the United Arab Emirates, the European Union, and additional G20 nations, as confirmed by Jon Finer, the deputy national security adviser to the president.
President Joe Biden and Prime Minister Narendra Modi intend to reveal this project within the framework of the Partnership for Global Infrastructure Investment. This initiative, comprising a rail and shipping corridor, is aimed at facilitating increased trade between the participating nations, including the exchange of energy products, AP noted. Also Read: ‘G20 declaration in final stages, time to find consensus’ Additionally, it has the potential to serve as a substantial response to China's Belt and Road Initiative, which aimed to link various parts of the world to the Chinese economy.
During a call with reporters, Jon Finer outlined three key justifications for the project. Firstly, he emphasized that the corridor would boost economic prosperity among the participating countries by enhancing the transportation of energy resources and digital communications. Secondly, the initiative aims to tackle the infrastructure deficit that hampers growth in lower- and middle-income nations.
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