𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚-𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭-𝐄𝐮𝐫𝐨𝐩𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐂𝐨𝐫𝐫𝐢𝐝𝐨𝐫 (𝐈𝐄𝐂𝐂 𝐄𝐂)
𝐈𝐧𝐝𝐢𝐚, 𝐔𝐒, 𝐔𝐀𝐄, 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚, 𝐅𝐫𝐚𝐧𝐜𝐞, 𝐆𝐞𝐫𝐦𝐚𝐧𝐲, 𝐈𝐭𝐚𝐥𝐲 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐔𝐧𝐢𝐨𝐧 𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐡𝐚𝐯𝐞 𝐬𝐢𝐠𝐧𝐞𝐝 𝐚 𝐌𝐞𝐦𝐨𝐫𝐚𝐧𝐝𝐮𝐦 𝐨𝐟 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐨 𝐞𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡 𝐭𝐡𝐞 𝐈𝐧𝐝𝐢𝐚-𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭-𝐄𝐮𝐫𝐨𝐩𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐂𝐨𝐫𝐫𝐢𝐝𝐨𝐫.
Announced on September 9, 2023
This will encourage and provide impetus to economic development through enhanced connectivity and economic integration between Asia, West Asia/ Middle East and Europe.
The IMCC EC will consist of two separate corridors (i) East corridor connecting India to West Asia /Middle East and (ii) Northern corridor connecting West Asia / Middle East to Europe. It will include a rail line that, which upon completion, will provide a reliable and cost effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transshipment of goods and services between SouthEast Asia through India to West Asia / Middle East Europe.
Connectivity with countries of the region remains a key priority for India and is deep rooted in Indian civilizational history. India has always stood to invest, cooperate and build connectivity as part of “One Earth, One Family, One Future”.
While expanding connectivity, it is important to ensure that connectivity initiatives are consultative, transparent and participatory with respect for sovereignty and territorial integrity of all countries. Principles of financial responsibility & economic viability to avoid creation of unsustainable debt burden to recipients and conforming to ecological & environmental standards must be followed.
The objective of development cooperation is that it would stand out as symbols of alternate approach , cement our relationship with key actors in the region and beyond, and provide our industry and business new opportunities to plug into international trade and logistics corridors.
India stands to gain significantly as it places India firmly on the route of trade flows from South East Asia to the Gulf, West Asia and Europe, giving us significant strategic and economic advantage, besides creating huge opportunities in the logistics and transportation sector.
It provides us with a faster and cheaper transit option compared to what we have currently, giving a boost to our trade and exports. It can be developed as a green corridor enhancing our green transition objectives, strengthening our standing in the region and allowing our companies to participate on an equal footing in infrastructure construction. The corridor will also secure supply chains, generate jobs and improve trade facilitation and accessibility.
The MoU will create opportunities for promotion of trade and economic cooperation between the signatories in the fields of connectivity, logistics & freight infrastructure, clean energy & hydrogen production and energy transmission infrastructure. It will facilitate and enhance the infrastructure in the logistics and transportation sector and lead to the development of significant capacities in India, thereby enhancing our self-reliance. This is also in line with the vision of path breaking initiatives such as Make in India, Sagarmala and Atmanirbhar Bharat.