INDIA-MIDDLE EAST-EUROPE ECONOMIC CORRIDOR (IMEC) (Syllabus: GS Paper 2 – IR)
Context: External Affairs Minister of India recently said that India is working to establish the India-Middle East- Europe Economic Corridor (IMEC), and the International North-South Transport Corridor (INSTC), passing through the Chabahar port, asserting that there is a need to re-engineer the global logistics map.
India-Middle East- Europe Economic Corridor (IMEC):
- About: It is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe.
- The proposed route: From India to Europe through the United Arab Emirates, Saudi Arabia, Jordan, Israel and Greece.
o The IMEC will comprise of two separate corridors: The east corridor connecting India to the Gulf and northern corridor connecting Gulf to Europe.
- Need: To provide reliable and cost-effective cross-border ship to rail transit network to supplement existing maritime routes.
o To increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East (West Asia).
- Part of: The project is a part of the Partnership for Global Infrastructure Investment (PGII).
- Countries involved: India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.
