India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US are set to launch the India, Middle East, and Europe Connectivity Corridor, an initiative focusing on connectivity and infrastructure cooperation. The initiative is aimed at increasing trade and trust between countries and is being promoted by US President Joe Biden. Indian Prime Minister Narendra Modi highlighted the importance of strong connectivity and infrastructure in human civilization development.
Biden, who attended the G-20 summit in India, emphasized the need to follow international rules and respect the sovereignty and territorial integrity of all countries. He emphasized the importance of building sustainable, resilient infrastructure and investing in quality infrastructure to create economic corridors for a better future.
On the sidelines of the G20 summit, India, the US, Saudi Arabia, and the European Union announced a multinational rail and ports deal on Saturday. This ambitious project aims to promote trade between India, the Middle East, and Europe and establish a modern Spice Route to link these regions. About one-third of the global economy will benefit from this initiative.
The plan includes data, rail, power, and hydrogen pipeline projects, linking railways and port facilities in the Middle East, including the United Arab Emirates, Saudi Arabia, Jordan, and Israel. It is expected to increase trade between India and Europe by 40%. The announcement of the economic corridor is a significant step towards promoting global cooperation and fostering stronger connectivity and infrastructure.