India, along with the US and several major economies, announced India-Middle East-Europe Economic Corridor (IMEEC).

The new economic corridor, which many see as an alternative to China’s Belt and Road Initiative, was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit.

Highlights of India-Middle East-Europe Economic Corridor

The initiative will consist of two separate corridors:

i) Eastern Corridor connecting India to West Asia/Middle East.

ii) Northern Corridor connecting West Asia or Middle East to Europe.

• The IMEEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and 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.

• It will enable transhipment of goods and services to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.

• In support of this initiative, the participating countries 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.

• Along the railway route, the 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.

• It is expected 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.

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