Regarding the India-Middle East-Europe Economic Corridor, established during the G20 Summit in New Delhi on Saturday, US President Joe Biden described it as a transformative regional investment. Biden emphasized that this initiative extends beyond mere infrastructure development.

“I’m proud to announce that the US, India, Saudi Arabia, UAE, France, Germany, Italy and EU finalized a historic agreement for a new India-Middle East-Europe Economic Corridor,” the US President posted on X.

“This project is about more than just laying tracks. This is a game-changing regional investment,” he added.

According to Prime Minister Narendra Modi, the India-Middle East-Europe Economic Corridor holds the potential to serve as a symbol of collaboration, innovation, and collective advancement.

Also Read: G20 Summit: ‘G20 can still drive solutions to our most pressing issues,’ says US President Joe Biden

“Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents,” PM Modi wrote on ‘X’ on Saturday.

During the G20 Summit, Prime Minister Narendra Modi unveiled a groundbreaking initiative in collaboration with the United States, Saudi Arabia, and the European Union. They jointly declared plans to initiate a massive India-Middle East-Europe transportation corridor encompassing both shipping and railway connectivity.

Also Read: G20 Summit: PM Modi, Joe Biden to unveil rail and shipping corridor linking India to Middle East, Europe

The announcement was made in the presence of US President Joe Biden, Saudi Arabia’s Prime Minister Mohammed bin Salman, and EU leaders, marking a historic agreement.

This represents a historic and unprecedented endeavor in cooperation concerning connectivity and infrastructure, bringing together India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the United States.

Speaking after the launch, PM Modi said, “I cordially welcome you all at this event. I am very happy to co-chair this event with my friend President Joe Biden. Today we all have seen the conclusion of a historic and important agreement. In the coming days, it will be an effective medium of economic integration between India, South Asia, and Europe”.

Addressing the audience at the G20 Summit’s Bharat Mandapam venue, Modi emphasized that this monumental agreement would provide a sustainable framework for global connectivity and sustainability.

Also Read: G20 Summit: ‘India-Middle East-Europe’ economic corridor, a modern-day spice route, announced. Details here

Additionally, it has the potential to serve as a substantial response to China’s Belt and Road Initiative, which aimed to link various parts of the world to the Chinese economy.

During a call with reporters, Jon Finer outlined three key justifications for the project. Firstly, he emphasized that the corridor would boost economic prosperity among the participating countries by enhancing the transportation of energy resources and digital communications. Secondly, the initiative aims to tackle the infrastructure deficit that hampers growth in lower- and middle-income nations. Lastly, Finer suggested that the project could contribute to reducing tensions and instability in the Middle East, thereby improving overall regional security.

The White House more broadly is trying to strengthen the G20 as an international forum, while Chinese President Xi Jinping and Russian President Vladimir Putin have chosen not to attend. Still, China and Russia are represented at the summit and that could make it difficult for the G20 to produce a joint statement on the war in Ukraine, Finer said.

(With inputs from agencies)

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Updated: 10 Sep 2023, 10:04 AM IST