Source: IT
Context: India and France reaffirmed commitment to implementing the India-Middle East-Europe Economic Corridor (IMEC) during Prime Minister visit to France.
About India-Middle East-Europe Economic Corridor (IMEEC):
- What is IMEEC?
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- A multimodal connectivity initiative linking India, the Middle East, and Europe through sea and land routes.
- Alternative trade route bypassing the Suez Canal and reducing dependency on China’s Belt and Road Initiative (BRI).
- Participating Nations: India, UAE, Saudi Arabia, Jordan, Israel, France, Germany, Italy, and the European Union.
- Launched In:
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- Announced during the G20 Summit in New Delhi in September, 2023.
- Intergovernmental Framework Agreement (IGFA) signed between India and UAE on February, 2024.
- Aim & Objectives:
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- Boost trade efficiency by reducing transport time between Asia and Europe.
- Enhance connectivity across key economic hubs in the Middle East and Europe.
- Strengthen supply chain security by offering an alternative route to global trade.
- Support clean energy initiatives by facilitating green hydrogen and renewable energy trade.
- Promote digital integration through secure high-speed data connectivity.
- Key Features & Functions:
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- Two Corridors:
- Eastern Corridor: Connects India to the Gulf (UAE & Saudi Arabia) via sea.
- Northern Corridor: Links the Gulf to Europe (France, Germany, Italy) via rail and sea.
- Digital & Logistics Integration: A logistics platform will manage trade, containers, bulk cargo, and digital transactions.
- $600 Billion Mobilization: Target by 2027 to address infrastructure gaps.
- Trade Route Diversification: Bypasses geopolitical risks, including conflicts affecting the Suez Canal and Red Sea region.
- Two Corridors:
