US, India, EU and Saudi Arabia agree on new trade corridor
[ad_1]
In accordance with the promulgated memorandum, the United States, India, the European Union and Saudi Arabia agreed to create a new India-Middle East-Europe Economic Corridor (IMEC). The goal of this project will be to stimulate economic development by expanding trade links and integration between Asian, Gulf and European countries.
IMEC will consist of two separate corridors: the eastern one, which will connect India with the Persian Gulf, and the northern one, which will connect the Persian Gulf with Europe. The project will include the development of railway infrastructure, providing a reliable and cost-effective cross-border ship-rail transit network. This will complement existing routes and ensure smooth transit of goods and services between India, UAE, Saudi Arabia, Jordan, Israel and Europe.
The corridor is expected to reduce costs, strengthen economic cohesion, increase efficiency, create jobs and reduce greenhouse gas emissions. This will ultimately lead to transformative integration of Asia, Europe and the Middle East.
Indian Prime Minister Narendra Modi said at a press conference that “This corridor will show a sustainable path for the whole world.”
US President Joe Biden said Washington would invest in a railway line from Angola to the Indian Ocean.
He noted that “this will create jobs and improve food security.” Biden called the investment “revolutionary” and added that “the world is at a turning point in history.” “Let’s work together,” said the US President.
Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud said the kingdom hopes to see the project come to fruition.
The head of the European Commission, Ursula von der Leyen, noted that “this will be the most direct connection between India, the Middle East and Europe,” which will allow travel to be 40% faster.
[ad_2]
Source link
