2024-02-01 08:43:33
Union Finance Minister Nirmala Sitharaman has said that the India-Middle East-Europe Corridor will be a turning point for India and other countries.
Union Finance Minister Nirmala Sitharaman said in her interim budget speech on Thursday that the recently announced India-Middle East-Europe Economic Corridor (IMEC) would be a ‘game changer’ for India both strategically and economically. He also noted that it would determine the basis of world trade for centuries.
“The India-Middle East-Europe Economic Corridor will be transformative not only for India but also for other countries. In the words of Prime Minister Modi, this route will become the basis of world trade for hundreds of years to come. History will remember that this route was started on Indian soil,” said Minister Nirmala Sitharaman.
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At the G20 summit held in India on September 9-10, India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy and the European Union jointly signed a memorandum of understanding to establish a new economic corridor.
The corridor is expected to provide impetus for concerted economic growth by enabling enhanced trade and economic integration between Asia, West Asia, the Middle East and Europe.
Earlier in September, while addressing the 78th session of the United Nations General Assembly, US President Joe Biden praised the India-Middle East-Europe Economic Corridor. He said the project would promote investment opportunities in both continents.
Joe Biden also said the plan is part of an effort to create more sustainable, integrated trade with the Middle East.
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Last Updated Feb 1, 2024, 2:17 PM IST
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