Tripti Nath/New Delhi

India has made the most of the G 20 Presidency in delivering outcomes that would improve the lives of people across continents. On Saturday, India reported double success with not just the inclusion of the 55-member African Union as a permanent member of G-20 but also with the launch of the multi-modal ‘India-Middle East-Europe Economic Corridor’.

This ambitious initiative seeks to reshape the trade route between the Gulf, Europe, and South Asia by connecting them through land and sea. 

The initiative has been co-chaired by India and the United States. The project is part of an initiative called Partnership for Global Infrastructure and Investment. Although it comes a decade after China’s Belt and Road Initiative was rolled out by Chinese President Xi Jinping, it is being seen as a counter as it covers a very vast geographical expanse and is bound to bring prosperity.

It is worth mentioning that the groundwork for this project was laid down by the National Security Advisor, Mr Ajit Doval during a meeting that he attended in UAE in May this year.

The project will be initiated- thanks to an MoU signed by India, USA, UAE, Saudi Arabia, France, Germany, Italy, and the European Union to establish the India -Middle East-Europe Economic Corridor (IMEE EC). The corridor comprises the East Corridor connecting India to West Asia/Middle East and the Northern Corridor connecting West Asia/Middle East to Europe.

Sources familiar with this initiative told Awaz-The Voice that it will include a rail line which upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes. It will therefore enhance the trans-shipment of goods and services between South East Asia through India to West Asia/Middle East Europe.

Sources said that India stands to gain significantly as it places India firmly on the route of trade flows from South East Asia to the Gulf, West Asia, and Europe.

In his opening remarks at the launch of the event,  Mr Modi said, “ We are seeing the conclusion of a very important and historic agreement come to fruition. It will be a very effective medium of economic integration between India, West Asia, and Europe. This will lend a sustainable direction to connectivity and development in the whole world.’’

Modi thanked and congratulated all the leaders for this initiative. “ We are laying a strong foundation for a developed India with this. India does not measure connectivity by regional borders. Enhancing connectivity. with all regions has been a key priority for India. We believe that connectivity is a means to not only increase mutual trade between different countries but also increase mutual trust. ‘’

In an obvious message to China, Prime Minister Modi said that while promoting connectivity initiatives, it is important that certain fundamental principles are ensured. For example, compliance with international norms, rules, and laws, respect for the sovereignty and territorial integrity of all nations, promoting financial viability instead of increasing the debt burden and following all environment-related standards.’’

He said, “Today, as we embark upon such a big connectivity initiative, we are sowing the seeds for future generations to dream bigger. On this historic occasion, I congratulate all the leaders and extend my best wishes to them.’’

Addressing the G 20 leaders here late on Saturday afternoon, U.S. President Joe Biden hailed this economic corridor as “ a big deal, a really big deal’’ and said that it would prove to be “ a game-changing regional investment.’’

President Biden said that as a key part of this corridor, the U.S. will invest in ships and rail that extend from India to Europe connected by the UAE, Saudi Arabia, Jordan, and Israel. 

He also announced that the U.S. will continue to make big investments in infrastructure around the world. 

Speaking at the meeting, Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince of the Kingdom of Saudi Arabia said that he looks forward to the integration of the initiative and the economic corridor project.

The President of The European Commission, Ursula von der Lyen described the project as historic. “ It will be the most direct connection to date between India, the Arabian Gulf, and Europe with a rail link that will make trade between India and Europe 40 percent faster.’’

The President of France, Emmanuel Macron reiterated the French commitment to the project. “Our intention is to make it real.’’

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The Prime Minister of Japan, Fumio Kishida, the Prime Minister of Italy, Giorgia Meloni, and the Chancellor of Germany, Olaf Scholz also spoke on the occasion