IMEC (Syllabus: GS Paper 2 – IR)

News-CRUX-10     21st September 2023        
Samadhaan

Context: The US President and Israel's PM have recently welcomed the announcement of the India-Middle East-Europe economic corridor (IMEC) on the sidelines of the G20 summit in Delhi.

India – Middle East – Europe Economic Corridor (IMEC)

  • About: The IMEC is being envisioned as a network of transport corridors, including railway lines and sea lanes, that is expected to aid economic growth through integration between Asia, the Arabian Gulf, and Europe.
  • Aim: The arrangement will include a railway route that, upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes. 
  • Part of: The project is a part of the Partnership for Global Infrastructure Investment (PGII).

o PGII is a collaborative effort by Group of Seven (G7) to fund infrastructure projects in developing nations based on the trust principles of the Blue Dot Network. 

  • Countries involved: India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.

I2U2 Group

  • About: It is a new strategic partnership, It is also referred to as the West Asian Quad/Middle East Quad/New Quad.
  • Countries involved: India, Israel, the United Arab Emirates, and the United States
  • Aim: To enhance cooperation and collaboration in various areas such as water, energy, transportation, space, health, and food security.
  • Objective of this Group: To promote economic development, scientific innovation, and regional stability. 
output themes