The India-Middle East-Europe Economic Corridor, set to connect India, UAE, Jordan, Saudi Arabia, and Israel with Europe and the US, stands as a testament to enhanced regional cooperation and market integration
In a strategic move bolstering economic ties, India and the United Arab Emirates (UAE) have initiated discussions on the initial phase of the India-Middle East-Europe Economic Corridor (IMEEC), aiming to streamline trade processes for expedited consignment clearance, a report by Shishir Gupta in Hindustan Times reported.
Despite ongoing conflicts in the Middle East, the close alliance between India and the UAE remains steadfast as they embark on laying the groundwork for the transformative IMEEC. This corridor, set to connect India, UAE, Jordan, Saudi Arabia, and Israel with Europe and the US, stands as a testament to enhanced regional cooperation and market integration.
Following the inter-governmental framework agreement inked by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan on February 14, both nations are poised to convene the inaugural senior official meeting by May 15. This pivotal meeting seeks to establish vital protocols crucial for the smooth operation of the IMEEC.
With the groundwork underway and collaborative efforts in motion, the IMEEC promises to emerge as a transformative corridor, fostering prosperity and connectivity across continents
The IMEEC holds immense potential not only to bolster bilateral trade between India and the UAE, currently valued at USD 85 billion and steadily growing, but also to provide a seamless trade route connecting Indian ports to final destinations in Europe and America. Central to this endeavor is the concept of virtual trade corridors, which would ensure that goods containers cleared at Indian ports, such as Mundra, remain sealed until reaching their ultimate destinations, bypassing unnecessary delays and redundancies.
Despite geopolitical complexities, particularly concerning Saudi Arabia’s stance on Israel following recent events, India and the UAE remain resolute in their commitment to realizing the IMEEC. By leveraging existing infrastructure and transportation networks, the corridor envisages the transportation of containers via Jordan and Saudi Arabia to Israel’s Haifa port, subsequently facilitating onward shipment to key European ports like Naples and Marseilles.
The IMEEC’s significance extends beyond bilateral relations, garnering support from the Biden administration and fostering collaboration with key stakeholders such as Saudi Arabia. The forthcoming discussions on the IMEEC during US National Security Advisor Jake Sullivan’s visit to India underscore its strategic importance and potential to reshape regional trade dynamics.
Conceived as a visionary initiative by Prime Minister Modi and President Sheikh Mohamed bin Zayed Al Nahyan, the IMEEC epitomizes the spirit of cooperation and economic integration. With the groundwork underway and collaborative efforts in motion, the IMEEC promises to emerge as a transformative corridor, fostering prosperity and connectivity across continents.
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