India-Middle East-Europe Mega Economic Corridor – Checkmate for China
In a checkmate to China’s Belt and Road Initiative (BRI), the G20 Summit in New Delhi on Saturday unveiled the India-Middle East-Europe Economic Corridor. Prime Minister Narendra Modi asserted that India does not limit connectivity to regional borders and believes that it can play a key role in strengthening mutual trust. At the launch event of the ‘Partnership for Global Infrastructure and Investment’ and ‘India-Middle East-Europe Economic Corridor’ during the G20 Summit, Modi said “We all have reached an important and historic partnership“.
India’s Prime Minister said in the times to come, it will become an effective medium for the economic integration of India, the Middle East, and Europe. “It will give a new direction to connectivity and sustainable development of the entire world,” said Modi. “It will drive sustainable development for the entire world,” he added. At the launch, he also said strong connectivity and infrastructure are the fundamental basis for humanity and India has always laid strong emphasis on this.
“We are laying a strong foundation for a developed India. Through PGII (Partnership for Global Infrastructure and Investment), we can play a key role in filling the infrastructure gap in Global South countries. India does not limit connectivity to regional borders. We believe connectivity can also play a key role in strengthening mutual trust,” he said. Modi stressed respecting the sovereignty and integrity of all nations. He also stressed promoting financial viability rather than debt burden as well as following all environmental guidelines.
Modi tweeted:
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. pic.twitter.com/vYBNo2oa5W
— Narendra Modi (@narendramodi) September 9, 2023
“With such a major step on connectivity, we are sowing the seeds for future growth,” he said. US President Joe Biden said he was proud to announce that they have finalized a “historic agreement” for the new India-Middle East-Europe Economic Corridor. “As a key part of this corridor, we are investing in ships and rails, that extend from India to Europe connected by the UAE, Saudi Arabia, Jordan, and Israel. It will make it far easier to trade. I want to thank sponsors and particularly Prime Minister Modi and (Saudi Crown Prince) Mohammed bin Salman,” he said.
European Commission President Ursula von der Leyen hailed the agreement on the corridor, saying this is nothing but historic. “It will be the most direct connection to date between India, the Arabian Gulf, and Europe with a rail link that will make trade between India and Europe 40 percent faster,” she said. French President Emmanuel Macron said it is about having the first global green trade route as hydrogen is also part of this project.
German Chancellor Olaf Scholz said, “We have to ensure that we implement it successfully and Germany is committed to contribute in that regard.” The launch of the new corridor is a milestone in strengthening global integration, Italian Prime Minister Giorgia Meloni said. She thanked Modi, Biden, and all others who made it possible. “This will scale up our economic growth. Italy is ready to play a decisive role in this initiative and we want to contribute to building bridges between the Mediterranean and Indo-Pacific,” Meloni said.
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Unhappy it does not run through Porkistan !!