The Prime Minister Shri Narendra Modi and the President of USA, H.E. Mr. Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), on 9 September 2023 on the sidelines of the G20 Summit in New Delhi.
More Details:
- Pursuant to this Memorandum of Understanding, the Governments of the Kingdom of Saudi Arabia, the European Union, the Republic of India, the United Arab Emirates (UAE), the French Republic, the Federal Republic of Germany, the Italian Republic, and the United States of America (the “Participants”) commit to work together to establish the India – Middle East – Europe Economic Corridor (IMEC). The IMEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
- The IMEC comprises an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes.
- The IMEC will comprise two separate corridors, the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe. It will include a railway that, upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes – enabling goods and services to transit to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
- Along the railway route, Participants intend to enable the laying of cable for electricity and digital connectivity, as well as pipe for clean hydrogen export. This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental, social, and government impacts.
- Participants intend that the corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions- resulting in a transformative integration of Asia, Europe and the Middle East.
- In support of this initiative, Participants commit to work collectively and expeditiously to arrange and implement all elements of these new transit routes, and to establish coordinating entities to address the full range of technical, design, financing, legal and relevant regulatory standards.
- The Memorandum of Understanding is the result of initial consultations. It sets forth political commitments of the Participants and does not create rights or obligations under international law. The Participants intend to meet within the next sixty days to develop and commit to an action plan with relevant timetables.
- The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe.
- Leaders of the European Union, France, Germany, Italy, Mauritius, UAE and Saudi Arabia, as also the World Bank, participated in the event.
- In his remarks, the PM highlighted the importance of physical, digital and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.
- The PM has hailed the India-Middle East-Europe Economic Corridor. He said that it promises to be a beacon of cooperation, innovation, and shared progress charting a journey of shared aspirations and dreams.
Prime Minister Shri Narendra Modi said “Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation, and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents.”
Source: PIB- Press Release | Image Credit: PIB
