India, U.S. and Allies Sign Deal for New Economic Corridor to Counter China's Belt and Road
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India, U.S., EU, Saudi Arabia and UAE signed deal for new India-Middle East-Europe Economic Corridor.
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Seen as counter to China's Belt and Road Initiative.
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Will link India with West Asia and Europe via faster, cheaper sea and rail transit.
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U.S. President Biden praised deal, saying it aligns with G20 theme of "One Earth, One Family, One Future."
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Analysts dubbed it a "new spice route", referring to ancient trade corridor between Indian subcontinent and Europe.
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