In a move, a Bharatiya delegation made its inaugural visit to the United Arab Emirates (UAE) to discuss the India-Middle East-Europe Economic Corridor (IMEEC). This historic visit marks the first step in realizing the ambitious trade corridor, which aims to connect regions across Asia, Europe, and the Middle East.
The IMEEC project, announced earlier this year, seeks to integrate key economic hubs and establish efficient trade routes spanning from Bharat to Europe. This visit underscores the commitment of both governments to prioritize and expedite the implementation of the IMEEC initiative.
India Middle East Europe Corridor (IMEEC) takes shape with the 1st visit of 🇮🇳n Inter-Ministerial Delegation to 🇦🇪 for 🇮🇳 🇦🇪 Intergovernmental Framework Agreement on IMEEC. Amb @sunjaysudhir led the discussions with key UAE entities like @DPWorldUAE @ADPortsGroup @CUSTOMSUAE. pic.twitter.com/njEjrQHdbS
— India in UAE (@IndembAbuDhabi) May 17, 2024
During the discussions, representatives from Bharat engaged with key entities in the UAE, including DP World UAE, AD Ports Group, and UAE Customs. The dialogue focused on laying the groundwork for the early implementation of the IMEEC Agreement, signed just three months prior.
The IMEEC will consist of two primary corridors: the east corridor linking Bharat to the Gulf, and the northern corridor connecting the Gulf to Europe. These corridors are envisioned to provide reliable and cost-effective transit networks, supplementing existing maritime routes.
The primary objectives of the IMEEC are manifold. It aims to enhance trade accessibility, streamline supply chains, boost economic cooperation, and create employment opportunities. In addition, by promoting cross-border ship-to-rail transit, the corridor seeks to reduce greenhouse gas emissions and contribute to environmental sustainability.
This visit signifies a significant milestone in the development of the IMEEC corridor, which involves collaboration among multiple stakeholders. The Framework Agreement between Bharat and the UAE, signed in February, serves as the foundation for this partnership, outlining cooperation for the empowerment and operation of the IMEEC.
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The signing of the Framework Agreement took place in the presence of Bharatiya Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the high-level commitment to fostering economic ties between the two countries. The Agreement paves the way for joint investments and technical collaborations to realize the objectives of the IMEEC.
As the IMEEC project progresses, it holds the potential to revolutionize regional trade dynamics, driving economic growth and integration across Asia, Europe, and the Middle East. With continued dialogue and cooperation, Bharat and the UAE are poised to unlock new opportunities and shape the future of global trade.
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