In a significant announcement, the US President Joe Biden, Prime Minister Narendra Modi along with other G20 leaders on Saturday, announced a India-Middle East-Europe economic corridor to create a ‘better future’.
“Last year, we came together as one to commit to this vision. And, this afternoon, I want to highlight the key ways in which the United States and our partners are working to make this a reality (economic corridor). You’re going to hear that phrase more than once, I expect, over the next decade,” he said in a joint address by all the G20 heads, at the G20 Summit.
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He said an announcement was already made a few months ago that the United States would work with its partners to invest in economic corridors. “This is a real big deal. I want to thank the Prime Minister. One Earth, One Family, One Future — that’s the focus of this G 20 Summit. And in many ways, it’s also the focus of this partnership that we’re talking about today. Building sustainable, resilient infrastructure, making quality infrastructure investments and creating a better future...As we work to address infrastructure gaps across low-middle-income countries, we need to maximise the intensity of our investments,” Biden said.
He added that the economic corridor unlocks endless opportunities.
‘Historic’
Commenting on this announcement, Modi said, “Today we all have reached an important and historic partnership. In times to come, it will become effective medium for economic integration of India, Middle East, Europe. It will give new direction to connectivity and sustainable development of entire world.”
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European Commission President, Ursula von der Leyen said that India-ME-Europe corridor is historic. “This is nothing but historic,” she said and also added that the rail link will make trade between India and Europe 40 per cent faster.
According to experts tracking the developments, the wide multilateral initiative is likely to irk China and its Belt and Road Initiative (BRI).