G20 Summit: MoU Signed On India-Middle East-Europe Economic Corridor

G20 Summit 2023 has become a prominent topic of discussion across the globe as world leaders and heads of state engage in meticulous talks on a number of pressing issues. The first day of the event was historic as member nations reached a consensus on multiple issues.

On Saturday, participants reached a consensus on permanent G20 membership to the African Union, adoption of the New Delhi Leaders’ Declaration, mega economic connectivity corridor between India, Middle East and Europe, Ukraine war and launch of a Global Biofuel Alliance.

The day concluded with a lavish dinner hosted by Indian President Droupadi Murmu at Bharat Mandapam. It’s the first G20 Summit hosted by the nation, with Chinese President Xi Jinping and his Russian counterpart Vladimir Putin choosing to skip the event this year.

Historic Rail And Ports Deal Announced

Putting an end to speculations, a Memorandum of Understanding was inked Saturday between India, Saudi Arabia, France, Germany, Italy, the US, UAE and the EU to establish the milestone rail and shipping corridor aimed at fostering economic growth and political cooperation.

“This is a big deal,” US President Joe Biden said. The corridor would connect India, Saudi Arabia, the UAE, Jordan, Israel and the EU, said Jake Sullivan, Biden’s National Security Advisor. The project would help boost trade, transport energy resources and improve digital connectivity.

Biden, EU Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi announced the mega corridor on the sidelines of the G20 event on Saturday. Von der Leyen described it as a “green and digital bridge across continents and civilizations.”

Biden Thanks UAE President For Key Role

At the Saturday event to unveil the initiative, Biden thanked UAE President Sheikh Mohamed bin Zayed Al Nahyan for his key role in securing the milestone deal. “I do want to say thank you, thank you, thank you.” “I don’t think we would be here without you.”

The US leader said the economic connectivity corridor would unlock “endless opportunities” and contribute to “a more stable, more prosperous and integrated Middle East.” It would establish the Middle East as a hub for economic activity instead of as a source of crisis, Sullivan added.

The National Security Advisor said the project started coming together after Biden visited Saudi Arabia in July 2022, where he stressed the need for greater regional economic integration. It remains to be seen how swiftly the involved parties give the mega infrastructure project a shape.