India-Middle East-Europe Economic Corridor (IMEC)
Context:
- The recent crisis in West Asia has posed questions on the viability of the IMEC project.
About IMEC:
- The India-Middle East-Europe Economic Corridor(IMEC) is a planned economic corridor which aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe.
- The corridor is proposed from India to connect Europe through the United Arab Emirates, Saudi Arabia, Jordan, Israel and Greece.
- The governments of India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy, and European Union signed the Memorandum of Understanding(MoU) on 10 September 2023 during the 2023 G20 New Delhi summit.
- The project was launched to foster transportation and communication links between Europe and Asia through rail and shipping networks and it 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 Suez Canal.
- The project has been delayed due to 2023 Israel–Hamas war.
About BRI:
- China’s Belt and Road Initiative is a strategy which is initiated by the People’s Republic of China that seeks to connect Asia with Africa and Europe via land and maritime networks.
- It was constructed with the aim of improving regional integration, increasing trade and stimulating economic growth.
- The BRI comprises a Silk Road Economic Belt – a trans-continental passage that links China with south east Asia, south Asia, Central Asia, Russia and Europe by land – and also a 21st century Maritime Silk Road, a sea route connecting China’s coastal regions with south east and south Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe.
The initiative has following areas as five major priorities:
- policy coordination;
- infrastructure connectivity;
- unimpeded trade;
- financial integration and;
- people to people connectivity
