India-Middle East-Europe Economic Corridor to Catalyze Global Trade
The proposed India-Middle East-Europe Economic Corridor (IMEC) is expected to be a game-changer for global trade, according to the Engineering Exports Promotion Council India (EEPC India).
The IMEC is a multimodal transport corridor that will connect India with Europe via the Middle East by sea and rail. It is expected to reduce logistics costs and ensure quicker delivery of shipments, making the global supply chain more resilient.
For India’s engineering exports sector, both the Middle East and Europe are key markets. The IMEC will greatly enhance the competitiveness of the sector by providing access to these markets through a more efficient and cost-effective transport network.
The investment in the IMEC is also expected to boost economic activities, create jobs, and help reduce carbon emissions.
The IMEC was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit. It is seen as an alternative to China’s Belt and Road Initiative.
The IMEC is a significant development that has the potential to transform global trade. It is a testament to India’s leadership in the G20 and its commitment to promoting sustainable economic growth.
EEPC India also noted that the inclusion of the African Union into the G20 and the announcement of the Global Biofuel Alliance are the other two landmark developments which will positively impact trade and investment.
The inclusion of the African Union will create significant goodwill for Indian businesses in African countries, and the Global Biofuel Alliance is expected to accelerate the transition to sustainable biofuels.
EEPC India said that India’s G20 Presidency has sought to structurally transform global policy-making, especially in the areas of trade, investment, and climate and development financing.
“India’s G20 Presidency under the leadership of PM Modi has delivered spectacular results. The New Delhi Declaration, which was adopted by members, is a shining example of his decisive and action-oriented leadership,” said EEPC India chairman Arun Kumar Garodia.
The IMEC is a major step forward in India’s efforts to become a global economic powerhouse. It is a project that will benefit businesses, consumers, and the environment alike.
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