India expects this corridor to be economically more viable than China’s flagship Belt and Road Initiative (BRI). TheUS, UAE, Saudi Arabia, European Union (EU), Italy, France and Germany were brought together on the economic corridor agreement on the sidelines of the G20 Summit.
The US-backed corridor seeks to connect India with Europe via the Middle East by sea and port. This will redefine the movement of goods and services across the three continents as it will bring down logistics costs and ensure quicker delivery of shipments, said EEPC India Chairman Arun Kumar Garodia.
He said that for India’s engineering exports sector, both the Middle East and Europe are key markets, and having transport infrastructure of this scale will significantly enhance its competitiveness globally.
Garodia said that the investment in the transformative project will greatly boost economic activities, create jobs and most importantly help reduce carbon footprint. He further said that the proposed corridor will also make the global supply chain more resilient.The EEPC India Chairman noted that the inclusion of the African Union into the G20 and the announcement of the Global Biofuel Alliance are the other two landmark developments that will positively impact trade and investment, and help chart out a sustainable growth path. “At a time when the engineering exporting community is looking for new markets, according to permanent member status to African Union on the proposal of India will create significant goodwill for Indian businesses in African countries,” he stated.
Garodia concluded, “Overall, India’s G20 Presidency has sought to structurally transform global policy-making, especially in trade, investment, and climate and development financing. India’s G20 Presidency under the leadership of Hon’ble Prime Minister Narendra Modi has delivered spectacular results. The New Delhi Declaration which was adopted by members is a shining example of his decisive and action-oriented leadership.”
