How far are INDIA- MIDDLE EAST- EUROPE ECONOMIC CORRIDOR(IMEC) Competent??
Unknown essentialities of India-Middle-East-Europe Corridor(IMEC)
It is perceived to be very noteworthy for India in 2023 where it had its presidency in Group 20. It planted lot many beginnings in various events including the Global Biofuel Alliance, tourism, and a lot many.
One of the most important is the Signing of the India-Middle-East-Europe Economic Corridor (IMEC) under the presidency of India is a prosperous initiation from India.
The IMEC MOU was signed by India, The US, Saudi Arabia, The UAE, The European Union, France, Italy & Germany in the presence of all major global leaders.
Issues-
Currently, India-European trade access is through the Suez Canal, controlled by Egypt. However it withholds the export cargo duration time and embraces huge tariffs on India Europen trade.
Thus IMCE plays a crucial role in challenging inherent travel mechanisms and initiates the new inception of modern contemporary era.
Major Connectivity
It has broad linkages between Asia, the Middle East, and the European region. Connecting through rail, road & sea ways.
Highly interlinked with major global regional ports and behaves as the new inception of trade geopolitics between Asia and Europe.
Country & Ports
India - Mandra and Kandla ports(Gujarat) & Jawaharlal Nehru port(Mumbai)
UAE- Fujairah & Jabel Ali Ports (Abu Dhabi)
Saudi Arabi- Ras Al Khair (Damman)
Israel- Haifa port(controlled by again groups)
However, it involves the connection between the railroad, ship to rail & road transport interlinking the east corridor connecting India to the gulf & north corridor connecting the gulf to Europe. Making portable connections directly from India to European countries.
Major Interests
- Saudi Arabia is the world’s largest oil exporter & the United Arab Emirates is a major West Asian finance center. It could be easier access for India in this geopolitical center.
- It can be a key point where regional disparities can be ruled out, i.e. Israel- Palestine conflicts through delegations.
- It can be a crucial counter to the Belt and Road Initiative of China, where China’s interest can be curtailed by making it vulnerable in those regions
- Involvement of the US & the European Union could be an undigested meal for China, where Western involvement can trigger the belief systems of China
- It can be an easy portable trade of goods for India much faster than 40% of its inherent laverage.
- The stock of cargo can be placed in various regions above mentioned without major struggle.
- Tax paid to various regions can be minimized and regional bonding & prosperity can be developed.
However, all coins have another end, showcasing their vulnerabilities. Moreover, the project involves a budget of $ 3 billion- $ 8 billion displaying its long process to undergo and major decisions and signatures to be made.
Indian Railway Minister Ashwini Vaishnav likely said it will open up new dimensions in trade & transport for the region.
