Modern-day spice route: ‘India-Middle East-Europe' economic corridor announced at G20 Summit. Check Details
G20 Summit update: India-Middle East-Europe' economic corridor including shipping and railway links will be launched soon. The first-of-its-kind economic corridor will be a historic initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the US, reported news agency ANI. Biden, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced the project during the annual Group of 20 summit of the world's top economies.
The project is part of an initiative called the Partnership for Global Infrastructure Investment. The White House report stated that the rail deal will link shipping and rail lines from India to Europe through the UAE, Saudi Arabia, Jordan and Israel. "The 'India-Middle East-Europe' economic corridor is historic.
It will be the most direct connection till date that will make trade faster," said Ursula von der Leyen, European Commission President, at the Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor programme at Bharat Mandapam. ‘An India - Middle East - Europe economic corridor will make trade between India and Europe 40% faster", Ursula von der Leyen added. The plans to build a rail and shipping corridor linking India with the Middle East and Europe is an ambitious project aimed at fostering economic growth and political cooperation.
“This is a big deal," said US President Joe Biden. “This is a really big deal." The corridor would help to boost trade, transport energy resources and improve digital connectivity. It would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, said Jake Sullivan, Biden's
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