IMEC
- INTERNATIONAL
News:
Violence in West Asia
will not affect the India-Middle East-Europe-Economic Corridor, says Sitharaman
What's
in the news?
●
The conflict in Israel and Palestine will
not dampen plans for the India-Middle East-Europe Economic Corridor (IMEC),
Finance Minister Nirmala Sitharaman noting that the strife didn’t figure
significantly in parleys held with G20 Finance ministers in Marrakech, Morocco.
IMEC:
●
The India-Middle East-Europe Economic
Corridor (IMEE-EC) is an infrastructure
development project that aims to create connectivity through rail and
shipping networks, energy cables and data links.
●
It is part of the Partnership for Rail and Shipping Corridors Global Infrastructure
Investment (PGII) and focuses on enhancing global trade and cooperation
through critical infrastructure development.
Participating
Countries:
●
India, Saudi Arabia, UAE, France, Germany,
Italy, USA, EU.
Objective:
●
It aims to boost trade, clean energy and
economic growth while providing an alternative to China’s Belt and Road
Initiative (BRI).
Components:
●
Railway
lines (make trade between India and Europe 40% faster).
●
Electricity
cable and a clean hydrogen pipeline to foster clean energy
trade.
●
High-speed
data cable to link innovative digital ecosystems in the world
and create business opportunities.
Significance:
●
Enhancing food security, regional supply
chains, trade accessibility, environmental considerations, economic cohesion,
job creation and reduces greenhouse gas emissions.
●
Reliable cross-border ship-to-rail transit
network connecting India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
●
It offers India a crucial role in global
commerce, digital communication, and energy networks vis-à-vis China’s BRI
●
Geographical
Advantage - It firmly positions India along the trade
route spanning South East Asia to the Gulf, West Asia, and Europe.