G7 nations commit to promoting strategic India-Middle East-Europe Economic Corridor

At the end of the three-day G7 Summit held in Apulia, Italy, the Group of Seven nations committed to promoting key infrastructure projects, including the India-Middle East-Europe Economic Corridor (IMEC). This commitment was outlined in the G7 Summit Communique, issued on Friday evening after the customary “family photo” session.

Prime Minister Narendra Modi, who attended the summit, witnessed the G7’s reaffirmation of their dedication to a “free and open Indo-Pacific” based on the rule of law. The communique reflects the G7’s focus on fostering connectivity and economic growth through initiatives like IMEC and ensuring stability in the Indo-Pacific region.

Prime Minister Modi and his Italian counterpart reviewed the progress of the bilateral strategic partnership and agreed to strengthen cooperation in global fora and multilateral initiatives, including the India-Middle East-Europe Economic Corridor.

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“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy," reads the communique.

Billed as a path-breaking initiative, the IMEC envisages a vast road, railroad and shipping network among Saudi Arabia, India, the United States and Europe to ensure integration among Asia, the Middle East and the West.

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The India-Middle East-Europe Economic Corridor or IMEC is also seen as an initiative by like-minded nations to gain strategic influence in the face of China’s Belt and Road Initiative (BRI) which has faced increasing criticism over lack of transparency and disregard for sovereignty of the nations.

China’s BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe. The IMEC initiative was firmed up on the sidelines of the G20 Summit hosted by India in Delhi last year.

With inputs from agencies.