After five months of a pause due to the Israel-Gaza war, the government hopes to move on the India-Middle East-Europe Economic Corridor

Syllabus: GS-II

Subject: International Relations

Topic: India’s relations with other nations

Issue:  India-Middle East-Europe Economic Corridor (IMEC).

Context: The IMEC project aims to resume links after a pause due to the Israel-Gaza conflict.

The key aspects:

  • The project involves using Greek ports like Piraeus to connect India to Europe, bypassing routes like the Suez Canal and the Red Sea.
  • The initiative, signed by eight parties including India, the U.S., and the EU, seeks to enhance trade connectivity.
  • Including funding from the G-7-led Partnership for Global Infrastructure and Investment.

Prelims:

IMEC:

1.              MoU signed during G20 summit in New Delhi to establish India-Middle East-Europe Economic Corridor (IMEC).

2.             Aims to counter China’s influence(BRI) in the region.

3.             IMEC includes rail, ship-to-rail, and road transport routes.

4.             Consists of two corridors: the east corridor (India to Gulf) and northern corridor (Gulf to Europe).

5.             Expected to boost efficiency, lower costs, create jobs, and reduce emissions.

6.             Geopolitically significant, potentially fostering normalization of relations between Israel and Gulf countries like Saudi Arabia.

 

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