India, U.S. and Allies Sign Deal for New Economic Corridor to Counter China's Belt and Road

India, U.S., EU, Saudi Arabia and UAE signed deal for new India-Middle East-Europe Economic Corridor.

Seen as counter to China's Belt and Road Initiative.

Will link India with West Asia and Europe via faster, cheaper sea and rail transit.

U.S. President Biden praised deal, saying it aligns with G20 theme of "One Earth, One Family, One Future."

Analysts dubbed it a "new spice route", referring to ancient trade corridor between Indian subcontinent and Europe.