India-Middle East-Europe Economic Corridor' might be a game-changing project that boosts global trade
Engineering Exports Promotion Council India (EEPC India) stated on Monday that the 'India-Middle East-Europe Economic Corridor' that was suggested during the recently ended G20 Leaders' Summit in Delhi will prove to be a game-changing project and give enormous impetus to global commerce.
Read more : Putin Applauds PM Modi’s ‘Make in India’ in Automobiles
In addition, the corridor would increase the "resilience of the global supply chain," according to EEPC India chairman Arun Kumar Garodia.
Port and Sea connectivity between India and Europe will boost Imports and Exports
The project aims to establish a port-and-sea connection between India and Europe via the Middle East.
According to a release from Garodia, this will reshape how goods and services are transported across continents because it will lower logistical costs and ensure that shipments arrive more quickly.
Both the Middle East and Europe are important markets for India's engineering exports, and he claimed that possessing such a large transport system will considerably increase India's competitiveness on a worldwide scale.
Project will boost Economic activity
Additionally, according to Garodia, funding for the transformational project will significantly increase economic activity, lead to the creation of jobs, and—most importantly—help reduce carbon impact.
On September 9, India, the US, and numerous other major economies unveiled the ambitious economic corridor, with Prime Minister Narendra Modi praising connectivity measures while highlighting the value of the sovereignty and territorial integrity of all countries.
On the fringes of the G20 summit, the presidents of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union jointly unveiled the new economic corridor, which many view as a rival to China's Belt and Road Initiative.
Global Biofuel Alliance
EEPC India pointed out that the Global Biofuel Alliance declaration and the admission of the African Union to the G20 are the other two significant events that will have a beneficial influence on trade and investment and pave the way for sustainable growth.
The African Union's decision to grant India permanent membership at a time when the engineering exporting industry is searching for new markets will boost Indian companies' reputations in African nations, according to Garodia.
India's G20 presidency delivered remarkable results
According to EEPC, India's G20 Presidency aimed to substantially alter how decisions on global policy are made, particularly in the areas of trade, investment, and financing for climate change and development.
The G20 presidency of India under Prime Minister Modi has produced outstanding outcomes. The members' adoption of the New Delhi Declaration is a shining illustration of his decisive and results-driven leadership, according to Garodia.
OTT India updates you with the latest news, The Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.
.