India, the US, Saudi Arabia, and the EU have unveiled a pioneering multinational rail and ports deal during the G20 summit in New Delhi.
This strategic initiative aims to fortify trade bonds between India, the Middle East, and Europe, regions that collectively constitute average one-third of the world’s economy.
Indian Prime Minister Narendra Modi, US President Joe Biden, Saudi Crown Prince Mohammed bin Salman, and EU leaders jointly announced the initiative. Modi noted during the corridor’s inauguration that this pivotal unity would eventually facilitate the economic integration of India, the Middle East, and Europe.
Biden underscored the importance of the pact by relating it to the G20 theme of “One Earth, One Family, One Future,” and emphasized its significance by stating, “This is a really big deal.” European Commission President Ursula von der Leyen shared this enthusiasm, labeling the corridor as “This is nothing but historic.”
The planned venture will connect railway and port facilities throughout the Middle East, encompassing the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Reports suggest that connections to India will be established via shipping lanes from ports located within the region.
Saudi Crown Prince Mohammed bin Salman conveyed his appreciation to all contributors involved in this foundational step towards the establishment of the economic corridor. “We look forward to the integration of the initiative and the Economic Corridor project which is announced in this meeting. I would like to thank those who worked with us to reach this founding step to establish this important economic corridor,” he stated during the announcement.
This landmark agreement symbolizes a monumental stride towards nurturing robust economic connections and collaborations among these crucial global regions, ultimately contributing to a more interconnected and prosperous global economy.
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