India–Middle East–Europe Economic Corridor

Prelims – Current events of International Importance.

Mains (GS I) – International Relations | Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Why in News?

India and Italy have decided to expand cooperation jointly in implementing the ambitious India-Middle-East-Europe-Economic Corridor (IMEEC).

• It is an initiative to enhance India's maritime security and facilitate quicker transportation of goods between Europe and Asia.
• Launched on - G20 Summit in Delhi in September 2023.

• Aim - To integrate India, Europe, and the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.
• Memorandum of Understanding (MoU) signed countries - India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy and the European Union.
• Corridors
  • East corridor - Connects India to the Gulf and
  • Northern corridor - Connects the Gulf to Europe.
• Ports to be Linked

• The main elements of the Framework include development and management of a logistics platform, including a digital ecosystem, and provision of supply chain services to handle all types of general cargo, bulk, containers and liquid bulk in order to enable IMEEC.
• Advantages - The corridor intends to enhance connectivity, increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, generate jobs and lower greenhouse gas emissions.

Significance for India

• Strengthening Maritime Security and also acts as a strategic countermeasure to China's Belt and Road Initiative.
• IMEEC will contribute to regional stability and peace by aligning with the European Nations’ Global Gateway program.
• A stabilized trade corridor under the IMEEC framework will streamline logistics and ensure the continuous, dependable flow of products, renewable energy, and information.
• The corridor will also drive a significant increase in trade demand and supply across the region, reducing transaction costs and creating new job opportunities.
• IMEEC offers a vital platform for cultural and political exchange.
• It extends into the energy and technology sectors, incorporating initiatives such as integrated electricity grids, clean hydrogen pipelines, and secure high-speed data connectivity.

Reference

The Indian Express | IMEEC initiative