G20 Summit 2023- PM Modi announces a Rail and Port Connectivity Agreement with the USA, UAE & Saudi Arabia!
At the G20 Summit in New Delhi on 9 Sep’23, world leaders announced an international rail and ports agreement that will link the Middle East with South Asia. The agreement comes at a time when US President Joe Biden is seeking to counter China’s Belt and Road push by promoting Washington as an alternative partner and investor for developing countries in the G20.
Speaking at the event announcing the agreement, Biden said it is a really big deal that will open up ports on two continents and help create a more stable, more prosperous, and more integrated Middle East. He said the agreement will open up endless opportunities for clean energy and clean electricity, as well as the laying of cable to link communities. Indian Prime Minister Narendra Modi said that by agreeing to such a large-scale connectivity initiative, “we’re planting the seeds of future dreams.” The agreement will benefit low- and middle-income nations in the region and will allow the Middle East to play a critical role in global commerce, according to Jon Finer, U.S.’s deputy national security adviser.
The goal of the IMEC is to link the countries of the Middle East by rail and connect them with India by port, allowing energy and trade to flow from the Persian Gulf to Europe, reducing shipping times, costs, and fuel consumption, US officials have said. The IMEC is expected to be made up of two main corridors: an east corridor linking India to the Persian Gulf and a northern corridor linking the Persian Gulf with Europe. Along the railway route, the participants plan to lay cables for power and data transmission, as well as pipelines for hydrogen from renewable energy sources to be used in power generation, according to the MoU. French President Emmanuel Macron said that the agreement provides “opportunities for manufacturing, innovation, and people.” He added, “We want to make it happen, and we want concrete results after this commitment.”
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