IMEC: Indian team in UAE discusses start of work on trade route
ports in the United Arab Emirates this week, including the Port of Fujairah in the Indian Ocean Region, and held discussions with the customs authorities on kickstarting the India-UAE leg of the proposed India-Middle East-Europe Economic Corridor (IMEC), said people with knowledge of the matter.
The visit aimed at preparing the India-UAE leg of the IMEC while awaiting peace in the region for the Israel part, they said.
The development comes close on the heels of India signing a 10-year-pact to manage Iran's Chabahar Port, which is expected to bolster India's trade ties with Central Asia and Eurasia, signalling ongoing efforts to secure India's strategic interests amid general election, said experts.
The delegation, comprising senior officials from the shipping and commerce ministries, Central Board of Customs and Kandla Port, also visited Khalifa Port and Jebel Ali Port, said one of the officials who did not wish to be identified.
In March, the Union cabinet gave its approval to the inter-governmental framework agreement between India and the UAE to bolster IMEC. The agreement, focusing on cooperation for the empowerment and operation of the IMEC, was signed during Prime Minister Narendra Modi's visit to Abu Dhabi this year.
The agreement contains a detailed framework for cooperation between India and the UAE, aimed at exploring the untapped potential for joint investment and collaboration in the development of IMEC.
Leveraging Strengths
By leveraging their strengths in the ports, maritime and logistics
