Context:
Recently, First visited an Indian Inter-Ministerial Delegation to the UAE, from May 15 to 17, for the India-UAE Intergovernmental Framework Agreement on IMEEC.
Key points:
- The Framework Agreement was signed on February 13 in Abu Dhabi, attended by the Indian Prime Minister and UAE President.
- The agreement aims to develop the IMEEC, focusing on joint investment and technical collaboration.
- The delegation aimed to strengthen cooperation with key UAE entities for the effective implementation of the IMEEC.
- The Indian delegation visited Khalifa Port, Fujairah Port, and Jebel Ali Port for discussions with port authorities and UAE Customs to facilitate the movement of goods.
About IMEEC
- It was announced in September 2023 during a meeting in New Delhi, held alongside the G20 Summit, attended by leaders from India, the US, the UAE, Saudi Arabia, Italy, France, Germany, and the European Commission.
- A proposed economic corridor connecting India, the Middle East, and Europe..
- Aims to improve transportation networks (shipping, rail, road) for faster trade.
Objectives:
- Enhance economic integration between Asia, Europe, and the Middle East.
- Boost trade and investment opportunities.
- Increase efficiency and reduce transportation costs.
- Generate jobs and stimulate economic growth.
- To reduce greenhouse gas emissions, contributing to environmental sustainability.
Components:
- Two main corridors:
- Eastern Corridor: Links India (Mumbai, Mundra) to the UAE.
- Northern Corridor: Connects the Gulf region to Europe via Israel and Greece.
Ports involved:
- India: Kandla Port (Gujarat), Jawaharlal Nehru Port Trust (Navi Mumbai)
- Middle East: Dammam Port (Saudi Arabia), Ras Al Khair Port (Saudi Arabia)
- Europe: Messina Port (Italy), Marseille Port (France), Piraeus Port (Greece)
Significance:
- Potential to cut transit times between India and Europe by 40% compared to the Suez Canal route.
- Encourages development of renewable energy projects in the Middle East.
- Creates a larger market for goods and services.