The India-Middle East-Europe Economic Corridor (IMEC), which is seen as a response to China’s flagship Belt and Road Initiative (BRI), which was launched in 2013, has been put together by India and several of its G20 allies.
On the fringes of the G20 Summit in New Delhi, India attracted the US, UAE, Saudi Arabia, the European Union (EU), Italy, France, and Germany to the economic corridor accord. The initiative intends to promote economic integration and connection between Europe, the Arabian Gulf, and South Asia.
Additionally, funds will be invested in a brand-new rail line in Africa that will run from an Angolan port via Zambia and the Democratic Republic of the Congo to the Indian Ocean on the opposite side of the continent.
Aim of the Project
The project’s goal is to increase trade, including trade in energy products, among the participating nations. It might also be one of the more ambitious responses to China’s vast infrastructure initiative, which aims to link the world’s economies together.
India’s bold move in G20 which is will be threat to China’s BRI
A large portion of this connectivity push is intended to restrain China’s Belt and Road Initiative (BRI), the grandiose initiative that Xi first floated in 2013. The project, which was mostly supported by China’s state-owned banks, has the support of countries in Central Asia, South Asia, the Middle East, and numerous African countries. However, due to their inability to repay, several of the countries, including Sri Lanka, have fallen into a debt trap. Some African nations experienced the same situation.
