• Thursday, February 22, 2024
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G-20 summit: U.S., World leaders unveil India-Middle East-Europe economic project

G-20 (1)

In the historic G20 summit, leaders from the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union have revealed their commitment to a groundbreaking initiative: the India-Middle East-Europe Economic Corridor.

This ground-breaking event, which kicked off on Saturday and is taking place in New Delhi, India, saw these world leaders agree to the signing of a Memorandum of Understanding (MoU). The MoU signifies a united effort to forge a new era of connectivity and economic integration spanning two continents, with the aim of unlocking sustainable and inclusive economic growth.

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In a press statement issued by the White House on Saturday, the U.S. said that it was happy about this tripartite economic relationship between these economic power blocs and that one of the fruits of this relationship will be the establishment of a railway that will be “linked through ports connecting Europe, the Middle East, and Asia.”

Washington also added that all parties involved in this relationship should benefit from a deal that would “link both continents to commercial hubs and facilitate the development and export of clean energy.”

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Other benefits include the “laying of undersea cables and linking energy grids and telecommunication lines to expand reliable access to electricity; enable innovation of advanced clean energy technology; and connect communities to a secure and stable Internet.”

Furthermore, the India-Middle East-Europe Economic Corridor is set to drive trade and manufacturing, strengthen food security, and bolster supply chains, with a strong emphasis on attracting new investments from various stakeholders, including the private sector. The leaders envision this endeavour as a catalyst for the creation of high-quality jobs.

The U.S. emphasised that it is fully committed to making this big regional project happen. It wants to work closely with other countries to create this important corridor.

The leaders believe that these investments will help build a future where everyone is safe, things are open, and there is lots of prosperity for the countries involved, it added.