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India-Middle East-Europe Economic Corridor

From Wikipedia, the free encyclopedia

India-Middle East-Europe Economic Corridor
AbbreviationIMEC
Formation10 September 2023; 8 months ago (2023-09-10)
Founder
PurposePromote economic development and inter-regional connectivity
Location

The India-Middle East-Europe Economic Corridor (IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe.[1][2] The corridor is a proposed route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel and Greece.[3]

Signing Date and Place

On 10 September 2023 the Memorandum of Understanding (MoU) was signed during the 2023 G20 New Delhi summit by the governments of India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union.[4][5][6]

Details

The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the Suez Canal.[7]

The project has been delayed due to the ongoing Israel–Hamas war.[8][9] The route is currently being used to bypass the Houthi blockade.[10]

Reactions

In September 2023, Turkish president Recep Tayyip Erdogan criticised the project for bypassing Turkey, and has vowed for an alternative route, the "Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the United Arab Emirates, Qatar, and Iraq, including the under-construction Grand Faw Port.[11]

Despite these challenges, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China.[12] Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe.[13][14]

See also

References

  1. ^ Siddiqui, Huma (10 September 2023). "World leaders launch India-Middle East-Europe Economic Corridor seen as counter to China's BRI". Financialexpress. Retrieved 10 September 2023. The IMEC aims to bolster economic development by fostering connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
  2. ^ "New economic corridor to connect Asia, Europe & US". The New Indian Express. 10 September 2023. Retrieved 10 September 2023.
  3. ^ Singh, Ram (11 September 2023). "A corridor of immense promise". BusinessLine. Retrieved 16 September 2023.
  4. ^ Ellis-Petersen, Hannah (9 September 2023). "G20: EU and US back trade corridor linking Europe, Middle East and India". The Guardian. ISSN 0261-3077. Retrieved 10 September 2023.
  5. ^ Gonultas, Bahattin (10 September 2023). "7 countries, EU sign memorandum of understanding for trade corridor linking Europe, Middle East and India". www.aa.com.tr. Retrieved 10 September 2023.
  6. ^ "'Game-changer': India-Middle East economic corridor unveiled at G20". www.aljazeera.com. 9 September 2023. Retrieved 10 September 2023.
  7. ^ "Can India-Europe corridor rival China's Belt and Road?". BBC News. 2 October 2023. Retrieved 2 October 2023.
  8. ^ "Will the Israeli war sink India's ambitious counter to China?". The Economic Times. 11 October 2023. ISSN 0013-0389. Retrieved 12 October 2023.
  9. ^ "India-Middle East-Europe Economic Corridor may get delayed over Gaza war". Moneycontrol. 11 October 2023. Retrieved 12 October 2023.
  10. ^ "Houthi bypass: Quietly, goods forge overland path to Israel via Saudi Arabia, Jordan".
  11. ^ Soylu, Ragip (11 September 2023). "Turkey's Erdogan opposes India-Middle East transport project". Middle East Eye. Retrieved 17 September 2023.
  12. ^ "The India-Middle East-Europe Corridor in Europe's Indo-Pacific Strategy". thediplomat.com. Retrieved 10 April 2024.
  13. ^ DC (ACW), Arab Center Washington (16 August 2023). "The Geopolitics of the India-Middle East-Europe Economic Corridor". Arab Center Washington DC. Retrieved 10 April 2024.
  14. ^ "The India-Middle East-Europe Economic Corridor: Prospects and Challenges for U.S. Businesses". www.bradley.com. Retrieved 10 April 2024.
This page was last edited on 30 May 2024, at 17:34
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