Prelims – Current events of International Importance.
Mains (GS I) – International Relations | Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
Why in News?
India and Italy have decided to expand cooperation jointly in implementing the ambitious India-Middle-East-Europe-Economic Corridor (IMEEC).
- It is an initiative to enhance India's maritime security and facilitate quicker transportation of goods between Europe and Asia.
- Launched on - G20 Summit in Delhi in September 2023.
- Aim - To integrate India, Europe, and the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.
- Memorandum of Understanding (MoU) signed countries - India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy and the European Union.
- Corridors
- East corridor - Connects India to the Gulf and
- Northern corridor - Connects the Gulf to Europe.
- Ports to be Linked
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India
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Mundra (Gujarat), Kandla (Gujarat), and Jawaharlal Nehru Port Trust (Navi Mumbai).
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Middle East
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Fujairah, Jebel Ali, and Abu Dhabi in the UAE, along with Dammam and Ras Al Khair ports in Saudi Arabia.
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A railway line will connect Fujairah port (UAE) to Haifa port (Israel) through Saudi Arabia (Ghuwaifat and Haradh) and Jordan.
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Israel
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Haifa port.
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Europe
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Piraeus port in Greece, Messina in Southern Italy, and Marseille in France.
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- The main elements of the Framework include development and management of a logistics platform, including a digital ecosystem, and provision of supply chain services to handle all types of general cargo, bulk, containers and liquid bulk in order to enable IMEEC.
- Advantages - The corridor intends to enhance connectivity, increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, generate jobs and lower greenhouse gas emissions.
Significance for India
- Strengthening Maritime Security and also acts as a strategic countermeasure to China's Belt and Road Initiative.
- IMEEC will contribute to regional stability and peace by aligning with the European Nations’ Global Gateway program.
- A stabilized trade corridor under the IMEEC framework will streamline logistics and ensure the continuous, dependable flow of products, renewable energy, and information.
- The corridor will also drive a significant increase in trade demand and supply across the region, reducing transaction costs and creating new job opportunities.
- IMEEC offers a vital platform for cultural and political exchange.
- It extends into the energy and technology sectors, incorporating initiatives such as integrated electricity grids, clean hydrogen pipelines, and secure high-speed data connectivity.
Reference
The Indian Express | IMEEC initiative
