The US, Saudi Arabia, India, and other nations are discussing a potential infrastructure deal to enhance trade between the Gulf and South Asia through railways and ports, in an effort to counter China's Belt and Road initiative.
Global leaders have announced a multinational rail and ports deal at the G20 summit in New Delhi, aiming to connect the Middle East and South Asia and provide an alternative to China's Belt and Road initiative.
US President Joe Biden described India's plan to build a rail and shipping corridor linking India with the Middle East and Europe as a "game-changing investment" during the G20 Summit, aiming to boost trade, transport energy resources, and improve digital connectivity.
India, along with the US, EU, Saudi Arabia, and UAE, has signed a deal to establish the India-Middle East-Europe Economic Corridor (IMEE EC) as an alternative to China's One Belt One Road (OBOR) initiative, aiming to provide faster and cheaper transportation options to west Asia and Europe.
The proposed India-Middle-East-Europe Corridor, seen as a rival to China's Belt And Road Project, will be a bankable project that brings in revenue and avoids the debt trap, according to Railway Minister Ashwini Vaishnaw.
Israel is set to become a global transportation hub as it plays a crucial role in the proposed India-Middle East-Europe Economic Corridor, which will connect the three regions through rail, gas, and fiber optics lines.
A new multibillion-dollar rail and shipping corridor called the India-Middle East-Europe Economic Corridor was announced at the G20 summit, which aims to enhance connectivity and integration between participating countries and boost economic growth in the Middle East.
A new ports and railway corridor for the Middle East and South Asia, which includes train links to India, has been unveiled at the G20 summit in Delhi as a response to China's Belt and Road Initiative.
With the right reforms, India has the potential to become the next engine of global growth, benefiting from major economic re-alignments caused by China's slowdown and the US diversifying its supply chains. Major corporations are already investing in India, recognizing its potential. However, India needs to overcome challenges such as high tariffs, infrastructure improvements, and regional cooperation to fully realize its manufacturing potential and attract foreign investment.
India and Australia are discussing collaboration to lay undersea cables in South Asia and the wider Indo-Pacific region to enhance connectivity in developing nations as an alternative to China's efforts in the telecommunications and digital connectivity industry.
India, along with the US, UAE, Saudi Arabia, France, Germany, Italy, and the EU, announced the India-Middle East-Europe Economic Corridor (IMEC) as a strategic move to counter China's Belt and Road Initiative.
