New Delhi: The G20 summit in New Delhi will be remembered for a historic deal. This deal has been made between India, Europe and Middle East countries. This has been called the India-Middle East-Europe Economic Corridor or IMEC.
An MOU on IMEC was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.
At present, 8 countries are part of this economic corridor. This deal is expected to have innumerable benefits and the target is to complete it in 10 years.
US President Joe Biden highlighted the importance of the Economic Corridor clear. He said- Prime Minister Modi gave the formula of One Earth, One Future and One Family. Thanks to him.
Currently, these countries are included in the deal: India, United Arab of Emirates (UAE), Saudi Arabia, European Union (EU), Italy, Germany, France and America.
IMEC would promote economic integration between India & Europe: PM
In his remarks, PM Modi highlighted the importance of physical, digital and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.
The IMEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
Eastern Corridor and Northern Corridor
The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes.
Participating countries intend that the corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions resulting in a transformative integration of Asia, Europe and the Middle East.
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