PM Narendra Modi spoke about the importance of the India-Middle East-Europe economic Corridor in his monthly radio program ‘Mann Ki Baat.’ He said that the Trans Corridor “is going to become the basis of world trade for hundreds of years to come, and history will always remember that this corridor was initiated on Indian soil.”
The United States and the European Union backed the ambitious Trans Corridor project linking India and the Middle East to Europe via rail and sea in the recently held G20 Summit. The G20 under India’s leadership was crucial on several counts; however. The declaration of a Trans Corridor has become the talking point for nations across the world.
Joe Biden, the president of the United States, said that the India-Middle East-Europe Economic Corridor was “really a big deal.” According to the US President, this was a “game-changing investment.”
PM Modi laid the importance of the Trans Corridor and said this would boost progress and innovation. According to the Indian Prime Minister, the IMEC promises to be “a beacon of cooperation, innovation, and shared progress.”
In his monthly radio program, the Prime Minister said that the Silk Route in ancient times brought prosperity to India and IMEC would replicate the same. The PM said, “You must be aware that when India was very prosperous, the Silk Route was a part of the discourse in our country and in the world. This Silk Route was a major medium of business and trade.”
“Now in modern times, India has suggested another Economic Corridor in G20,” he further added.
India, Saudi Arabia, the US, and the UAE are currently machining decisions on aligning the path using rail and sea networks to link the Middle East and Europe to India.
An article published in The Guardian mentions the following:
“The planned corridor would link India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the EU through shipping ports and rail routes, in an effort to make trade quicker and cheaper and to boost economic cooperation and digital connectivity across the region.”
In addition to promising investments and boosting India’s economy, the Trans Corridor is also being seen as a counterweight to the Chinese Belt & Road initiative. China has already made inroads in the Middle East in terms of trade and investments. The US sees India as a strategic partner in the Middle East that can counter the Chinese presence in the region. The formation of I2U2 along with the India-Middle East-India Economic Corridor is set to counter China.
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