Plans for India-Middle East-Europe economic corridor unveiled at G20 summit

Plans for an ambitious India-Middle East-Europe economic corridor were unveiled on Saturday, with Prime Minister Narendra Modi asserting that India does not limit connectivity to regional borders and believes that it can play a key role in strengthening mutual trust.

At the launch event of the 'Partnership for Global Infrastructure and Investment' and 'India-Middle East-Europe Economic Corridor' during the G20 summit, Modi said, "We all have reached an important and historic partnership."

He said, in the times to come, it will become an effective medium for economic integration of India, the Middle East and Europe. It will give a new direction to connectivity and drive sustainable development for the entire world, he added.

The prime minister also said strong connectivity and infrastructure are the fundamental basis for humanity and India has always laid strong emphasis on this.

Modi stressed on respecting the sovereignty and integrity of all nations. He also emphasised the need for promoting financial viability rather than debt burden as well as following all environmental guidelines.

"With such a major step on connectivity, we are sowing the seeds for future growth," he said.

US President Joe Biden said he was proud to announce that they have finalised a "historic agreement" for the new India-Middle East-Europe economic corridor.

"As key part of this corridor, we are investing in ships and rails, that extends from India to Europe connected by the UAE, Saudi Arabia, Jordan and Israel. It will make it far easier to trade. I want to thank sponsors and particularly Prime Minister Modi and (Saudi Crown Prince) Mohammed bin Salman," he said.

European Commission President Ursula von der Leyen hailed the agreement on the corridor and said it is nothing but historic.

"It will be the most direct connection to date between India, the Arabian Gulf, and Europe with a rail link that will make trade between India and Europe 40 per cent faster," she said.

French President Emmanuel Macron said it is about having the first global green trade route as hydrogen is also part of this project.