India-Middle East-Europe Economic Corridor (IMEEC)

21.05.2024

India-Middle East-Europe Economic Corridor (IMEEC)

 Why in the news?   

             An Indian delegation recently paid a visit to the UAE for the first time to hold discussions with the key entities there on the India-Middle East-Europe Economic Corridor (IMEEC).

About India-Middle East-Europe Economic Corridor (IMEEC):

• It was announced on the sidelines of the G20 meeting in New Delhi when a memorandum of understanding was signed between the European Union and seven countries, namely India, the US, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, and Italy.
• It will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime routes.
• It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs, and lower greenhouse gas emissions.
• It will comprise two separate corridors, the east corridor connecting India to the Gulf and the northern corridor connecting the Gulf to Europe.
• It will include a shipping route connecting Mumbai and Mundra (Gujarat) with the UAE, and a rail network connecting the UAE, Saudi Arabia, and Jordan with the Israeli port of Haifa to reach the shores of the Mediterranean Sea.
• Haifa will then be connected by sea to the port of Piraeus in Greece to eventually be connected to Europe.
• Beyond the transport infrastructure, undersea cables would facilitate the exchange of data, while long-distance hydrogen pipelines would boost the participants’ climate and decarbonisation goals.
• It aims to connect the two continents (Asia and Europe) with commercial hubs and facilitate development and export of clean energy, support existing trade and manufacturing synergies and strengthens food security and supply chains.
• The project will also help link energy grids and telecommunication lines through undersea cables to expand access to electricity, Internet, etc.

Significance:

• It is expected to increase efficiencies, reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions.
• The cross-border shipping and railways corridor will reduce logistics costs as well as boost trade in goods and services between the UAE, Saudi Arabia, India and Europe. For instance, the destination for India’s engineering exports is primarily the Middle East and Europe. These exports will get a fillip.

                                                                Source: The Print

Q - With reference to India-Middle East-Europe Economic Corridor (IMEEC), consider the following:

1. It will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime routes.

2. It will comprise two separate corridors, the east corridor connecting India to the Gulf and the northern corridor connecting the Gulf to Europe.

3. Beyond the transport infrastructure, undersea cables and long-distance hydrogen pipelines are also part of the project.

How many of the above given statements are correct?

A.Only one

B.Only two

C.All three

D.None

Answer C