World leaders announce India-Middle East-Europe economic corridor on September 9, 2023 at 3:49 pm Business News | The Hill

A massive new rail development will span from India to Europe, world leaders announced Saturday. The India-Middle East-Europe Economic Corridor will “usher in a new era of connectivity,” the White House said.

The U.S. partnered with India, France, Germany, Saudi Arabia, the UAE, Italy and the European Union on the plan, which was announced at the G-20 summit in New Delhi, India on Saturday.

It consists of two development corridors, one from India to the Middle East and a second from the Middle East to Europe.

“This landmark corridor is expected to stimulate economic development through enhanced connectivity and economic integration across two continents, thus unlocking sustainable and inclusive economic growth,” the White House said in a statement.

Partners on the project signed a memorandum of understanding, committing to link commercial hubs with rail lines, bolstered by new internet, power and hydrogen connections. The memorandum also says the project will link with industry in Jordan and Israel.

That step appears to symbolize efforts to bring Saudi Arabia and Israel closer together, which have been supported by the U.S.

It is unclear if the countries intend to cooperate with the Iranian government on the project, as Iran lies on a route between India and the Middle East. Alternative routes connecting the regions would travel through Afghanistan and Russia.

Pakistan’s participation in the project would also be required to connect India to the west by rail.

“Participants intend that the corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions — resulting in a transformative integration of Asia, Europe and the Middle East,” the memorandum reads.

The nations committed to creating an action plan to implement the project within the next two months.

Also during the G-20 summit Saturday, Indian Prime Minister Narendra Modi announced that the African Union will be the group’s 21st permanent member. India also announced a new global biofuels initiative.

​International, Business, economic development, G20, Group of 20, india, Israel, Middle east, saudi arabia A massive new rail development will span from India to Europe, world leaders announced Saturday. The India-Middle East-Europe Economic Corridor will “usher in a new era of connectivity,” the White House said. The U.S. partnered with India, France, Germany, Saudi Arabia, the UAE, Italy and the European Union on the plan, which was announced at…