Prime Minister Narendra Modi last week made an announcement of the launch of the historic Economic Corridor G20 Route Map.
Commenting on this he said, “We have come up with an important and historic partnership. In recent times, this project will be a medium of economic integration between India, West Asia and Europe.”
On this, US President Joe Biden called the launch of the India-Middle East a ‘big deal’, he further said that this deal will be a game-changing regional investment.
Here is a tweet from PM Narendra Modi which mentions this project.
What is the Economic Corridor Route Map Project?
This project is part of the initiative which will be called the Partnership for Global Infrastructure Investment. As per the White House report, it is stated that the rail deal will link shipping and other rail lines from India to Europe through the UAE, Saudi Arabia and Israel.
This is a new offer in order to stimulate economic growth with the help of advanced connectivity and economic integration. India along with the other members of G20 has come into a historic memorandum of understanding (MoU) to develop an India-Middle East-Eutrope economic corridor.
Also Read: When is the G20 Summit 2025?
Who are the Members of the Economic Corridor Route Map Project?
Other than India, there are several other members who are part of this project. These include UAE, France, Saudi Arabia, Germany, Italy, the USA and the European Union.
What is the Purpose of this Project?
The arrangement’s major goal is to incorporate a railway line that, once it is finished, will offer a dependable and affordable cross-border ship-to-rail transit network to enhance current maritime and road transport routes. The movement of products and services to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe will be made possible by this.
Along with the railway, the members will also be laying a cable for energy and digital connectivity. Moreover, a pipe will also be installed for clean hydrogen export.
Apart from this, the corridor will safeguard regional supply chains, boost trade accessibility and enable a greater emphasis on environmental, government consequences and social consequences.
This project is being designed to save costs, increase efficiencies promote economic growth, create jobs and much more.
When Will this Project be Implemented?
As per the MoU, all the members are expected to meet in the next 60 days to develop and come up with an action plan along with relevant timelines.
However, as the memorandum sets forth the political commitments of its participants, it does not create any rights or obligations under international law, which means that the members are not necessarily bound by it.
India’s first coastal corridor, the East Coast Economic Corridor (ECEC) was the first economic corridor which was set up in India. It is 974 km long Coromandel coast which opens several opportunities for people.
Countries like Bangladesh, China, India and Myanmar Economic Corridor (BCIM) was a proposed corridor which connects India and China from Myanmar and Bangladesh via a corridor.
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