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India–Middle East–Europe Economic Corridor

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India-Middle East-Europe Economic Corridor
AbbreviationIMEC
Formation9 September 2023; 14 months ago (2023-09-09)
Founder
PurposePromote economic development and inter-regional connectivity
Location

The India-Middle East-Europe Economic Corridor (IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe.[1][2] The corridor is a proposed route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel and Greece.[3]

Signing date and Place

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On 9 September 2023 the Memorandum of Understanding (MoU) was signed during the 2023 G20 New Delhi summit by the governments of India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy and the European Union.[4][5][6]

Details

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IMEC and its connections

The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the Suez Canal.[7]

The project has been delayed due to the ongoing Israel–Hamas war.[8][9] The route is currently being used to bypass the Houthi blockade[10] and is widely seen as a way to future proof the India-Europe-US supply chain avoiding the Suez canal.[11]

Reactions

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In September 2023, Turkish president Recep Tayyip Erdogan criticised the project for bypassing Turkey, and has vowed for an alternative route, the "Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the United Arab Emirates, Qatar, and Iraq, including the under-construction Grand Faw Port.[12]

Despite these challenges, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China.[13] Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe.[14][15]

In September 2024, Israel's Prime Minister Benjamin Netanyahu called the corridor a "blessing" for the middle east, and referred to Iran along with its allies as a "curse", invoking Deuteronomy, 30:19, in his address to the 79th session of the United Nations General Assembly.[16][17]

See also

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References

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  1. ^ Siddiqui, Huma (10 September 2023). "World leaders launch India-Middle East-Europe Economic Corridor seen as counter to China's BRI". Financialexpress. Retrieved 9 September 2023. The IMEC aims to bolster economic development by fostering connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
  2. ^ "New economic corridor to connect Asia, Europe & US". The New Indian Express. 9 September 2023. Retrieved 9 September 2023.
  3. ^ Singh, Ram (11 September 2023). "A corridor of immense promise". BusinessLine. Retrieved 16 September 2023.
  4. ^ Ellis-Petersen, Hannah (9 September 2023). "G20: EU and US back trade corridor linking Europe, Middle East and India". The Guardian. ISSN 0261-3077. Retrieved 10 September 2023.
  5. ^ Gonultas, Bahattin (10 September 2023). "7 countries, EU sign memorandum of understanding for trade corridor linking Europe, Middle East and India". www.aa.com.tr. Retrieved 10 September 2023.
  6. ^ "'Game-changer': India-Middle East economic corridor unveiled at G20". www.aljazeera.com. 9 September 2023. Retrieved 10 September 2023.
  7. ^ "Can India-Europe corridor rival China's Belt and Road?". BBC News. 2 October 2023. Retrieved 2 October 2023.
  8. ^ "Will the Israeli war sink India's ambitious counter to China?". The Economic Times. 11 October 2023. ISSN 0013-0389. Retrieved 12 October 2023.
  9. ^ "India-Middle East-Europe Economic Corridor may get delayed over Gaza war". Moneycontrol. 11 October 2023. Retrieved 12 October 2023.
  10. ^ "Houthi bypass: Quietly, goods forge overland path to Israel via Saudi Arabia, Jordan".
  11. ^ Shenoy, Vas (20 September 2024). "The confluence of the two seas: India-Italy partnership over IMEEC and Mediterranean". The Economic Times. ISSN 0013-0389. Retrieved 14 November 2024.
  12. ^ Soylu, Ragip (11 September 2023). "Turkey's Erdogan opposes India-Middle East transport project". Middle East Eye. Retrieved 17 September 2023.
  13. ^ "The India-Middle East-Europe Corridor in Europe's Indo-Pacific Strategy". thediplomat.com. Retrieved 10 April 2024.
  14. ^ DC (ACW), Arab Center Washington (16 August 2023). "The Geopolitics of the India-Middle East-Europe Economic Corridor". Arab Center Washington DC. Retrieved 10 April 2024.
  15. ^ "The India-Middle East-Europe Economic Corridor: Prospects and Challenges for U.S. Businesses". www.bradley.com. Retrieved 10 April 2024.
  16. ^ "'No place in Iran that long arm of Israel cannot reach': Netanyahu's stern warning to Tehran at UNGA". Firstpost. 27 September 2024. Retrieved 27 September 2024.
  17. ^ Berman, Lazar (28 September 2024). "Netanyahu holds up maps illustrating the 'blessing' and 'curse' facing Mideast". The Times of Israel. Retrieved 28 September 2024.
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