INDIA, THE EUROPEAN UNION AND THE IMEC

India-Middle-East-Europe Economic Corridor (IMEC) was launched at the G20 Leaders summit held in New Delhi in the year 2023.

- DR ARVIND KUMAR

India-Middle-East-Europe Economic Corridor (IMEC) was launched at the G20 Leaders summit held in New Delhi in the year 2023. India took the lead and a Memorandum of Understanding (MoU) was signed by the US, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union. It reflected India's firm resolve to intensify economic development by building connectivity and enhancing economic integration between Asia, the Persian Gulf and Europe.

The main objective of IMEC is to boost global trade by reducing transit time which in turn will lower costs and help boost economic ties among partnering countries.

India's idea of IMEC came at a time when the world still was grappling with post-pandemic crisis, inflation, economic recession and the larger geopolitical stress because of the ongoing conflicts. Though, the solutions to many of these challenges have not been that easy to find but India remained in the forefront to mobilise international public opinion and build consensus on the need to have collective responsibility for realizing the goals of IMEC. Whether India would be successful in its initiative is forming a major part of the debate.

The way the IMEC is being planned, it will bypass the Houthi blockade. India and its partners are mainly looking for a supply chain which could avoid the Suez Canal. Though, it looks highly ambitious and very tough project, once realized, it will help integrate India, Europe and the Middle East (West Asia from India's connotation) through UAE, Saudi Arabia, Jordan, Israel and the European Union.