Abbreviation | IMEC |
---|---|
Formation | 9 September 2023 |
Founder | |
Purpose | Promote economic development and inter-regional connectivity |
Location |
The India-Middle East-Europe Economic Corridor (IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe. [1] [2] The corridor is a proposed route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel and Greece. [3]
On 09 September 2023 the Memorandum of Understanding (MoU) was signed during the 2023 G20 New Delhi summit by the governments of India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy and the European Union. [4] [5] [6]
The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the Suez Canal. [7]
The project has been delayed due to the ongoing Israel–Hamas war. [8] [9] The route is currently being used to bypass the Houthi blockade [10] and is widely seen as a way to future proof the India-Europe-US supply chain avoiding the Suez canal. [11]
In September 2023, Turkish president Recep Tayyip Erdogan criticised the project for bypassing Turkey, and has vowed for an alternative route, the " Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the United Arab Emirates, Qatar, and Iraq, including the under-construction Grand Faw Port. [12]
However, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China. [13] Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe. [14] [15]
In September 2024, Israel's Prime Minister Benjamin Netanyahu called the corridor a "blessing" for the middle east, and referred to Iran along with its allies as a "curse" in his address to the 79th session of the United Nations General Assembly. [16] [17]
The Middle East is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq.
The Middle East, also known as the Near East, is home to one of the cradles of civilization and has seen many of the world's oldest cultures and civilizations. The region's history started from the earliest human settlements and continues through several major pre- and post-Islamic Empires to today's nation-states of the Middle East.
The Middle East and North Africa (MENA), also referred to as West Asia and North Africa (WANA) or South West Asia and North Africa (SWANA), is a geographic region which comprises the Middle East and North Africa together. However, it is widely considered to be a more defined and apolitical alternative to the concept of the Greater Middle East, which comprises the bulk of the Muslim world. The region has no standardized definition and groupings may vary, but the term typically includes countries like Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, the UAE, and Yemen.
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Relations between the neighboring countries of Iran and the United Arab Emirates (UAE) are historic, however the diplomatic relationship undergoes major shifts. Both countries maintain diplomatic relations with each other and have embassies in each other's capitals.
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The IMEC aims to bolster economic development by fostering connectivity and economic integration between Asia, the Arabian Gulf, and Europe.