World’s largest economies to launch India-Europe economic corridor
QAMISHLI, Syria (North Press) – On Saturday, leaders of the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union agreed to establish an economic corridor linking India with Europe.
This came during the announcement of a Memorandum of Understanding reached by the abovementioned countries in the New Delhi G20 summit, India. According to the memorandum, the participants have to work together to develop a new India-Middle East-Europe Economic Corridor. The corridor includes a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe.
“Through the India-Middle East-Europe Economic Corridor, we aim to usher in a new era of connectivity with a railway, linked through ports connecting Europe, the Middle East, and Asia,” The White House said in a statement.
The Group of Twenty (G20), a collection of 20 of the world’s largest economies formed in 1999, was conceived as a bloc that would bring together the most important industrialized and developing economies to discuss international economic and financial stability.
“Enhancing connectivity with all regions has been a key priority for India,” said Narendra Modi, Indian Prime Minister. “We believe that connectivity is a means to not only increase mutual trade between different countries but also increase mutual trust.”
The cost of the project was unclear, but senior Biden administration officials view it as a way to open new trading partnerships and a flow of energy and digital information.