With Gaza deal, IMEC Corridor can become reality: Biden
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Washington: US President Joe Biden has highlighted that the recent ceasefire agreement between Israel and Hamas in the Gaza Strip could pave the way for the realization of the India-Middle East-Europe Corridor (IMEC). This ground-breaking economic corridor, stretching from India to Europe via the Middle East, is seen as a competitive alternative to China's Belt and Road Initiative.
The IMEC, signed on September 9, 2023, by eight countries—including India, the US, Saudi Arabia, UAE, the European Union, France, Germany, and Italy—aims to enhance transportation and communication links through rail and shipping networks connecting Europe and Asia.
Biden, speaking from the White House on Wednesday, emphasized that the Gaza ceasefire agreement could make the ambitious corridor a reality. “At the G20 in Delhi on September 23, I rallied key countries behind a vision of an economic corridor from India across the Middle East to Europe. That vision can now become a reality,” he stated.
The IMEC project had faced delays due to the Hamas attack on Israel in October 2023. However, a recent report from the Hudson Institute suggests that the IMEC serves as a prime example of India's strategic use of multilateral initiatives to expand its influence in global trade and supply chains.
The report notes that India’s proactive involvement in the IMEC highlights its growing role in shaping regional economic integration and infrastructure development, especially in contrast to China’s Belt and Road Initiative. India’s leadership in the Abraham Accords negotiations with Israel and the UAE also marks a significant diplomatic shift, reinforcing the country's increasing global engagement.
With PTI inputs