Economic transformation with IMEC: India’s role in global connectivity grows

Washington: With the ceasefire deal between Israel and Hamas in Gaza Strip, the path-breaking IMEC Corridor that stretches from India to Europe through the Middle East could now become a reality, US President Joe Biden said Wednesday. 

“At the G20 in Delhi on September 23, I rallied key countries behind a vision of an economic corridor from India across the Middle East to Europe. That vision can now become a reality,” Biden told reporters at the White House as he announced the agreement between Israel and Hamas on Gaza and hostages.

The India-Middle East-Europe Corridor (IMEC) is seen as an alternative to China’s One Belt, One Road Initiative. Signed by eight countries – India, US, Saudi Arabia, UAE, European Union, France, Germany and Italy – in New Delhi on September 9, 2023, it aims to bolster transportation and communication links between Europe and Asia through rail and shipping networks. The IMEC Corridor project immediately hit a roadblock with the Hamas attack on Israel in October 2023.

According to a recent Hudson Institute think-tank report, IMEC provides another example of how New Delhi is using minilateral initiatives to pursue its expanding strategic and economic interests. The IMEC initiative helps position India as a key player in reshaping global supply chains and trade routes.

“By offering an alternative to China’s Belt and Road Initiative, this project underscores New Delhi’s proactive approach to regional economic integration and infrastructure development. India’s involvement in the negotiations between Israel and the United Arab Emirates that ultimately resulted in the Abraham Accords marks another significant diplomatic shift toward greater flexibility and engagement,” said the report. 

(This report is auto-generated from PTI news service. Except for the headline, nothing has been changed by Top Indian News in the wire.)