The announcement being made
The UAE will work alongside the governments of Saudi Arabia, the Member States of the European Union, India and the US on the India-Middle East-Europe Economic Corridor (IMEC), which will boost trade and slash shipping costs.
The announcement was made in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the 18th G20 Heads of State and Government Summit held in New Delhi, India, where the UAE is participating as a guest of honour, a WAM report said.
Creating the corridor aims to significantly enhance connectivity and integration between participating countries and will comprise two different pathways – the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe.
Ship-to-rail transit corridors
The cross-border ship-to-rail transit corridors will reduce shipping costs across the network and facilitate trade in goods and services to, from, and between the UAE, Saudi Arabia, India and Europe.
Participants will also assess the potential of electricity and clean hydrogen exports to enhance regional supply chains and connectivity as part of joint efforts to lower greenhouse gas emissions and integrate environmental conservation in the initiative.
The UAE’s cooperation on this initiative reflects the country’s efforts to strengthen its international partnerships and contribute towards a sustainable future, particularly in advance of its hosting of the upcoming COP28 climate conference in November.
Participants are looking forward to working together to establish coordinating bodies that will address a range of technical, financial, legal, and regulatory affairs. In the coming period, participants will also meet to advance the design and implementation of the transit network.-- TradeArabia News Service