The trans-continental trade corridor, initially unveiled in September during the G20 summit in New Delhi, has a strategic vision of stretching from India across the Arabian Sea to the United Arab Emirates. Subsequently, the corridor is planned to traverse through Saudi Arabia and then connect via Jordan and Israel, ultimately reaching Europe. This ambitious initiative seeks to establish an extensive and interconnected trade route, fostering economic ties across multiple nations in the process.
On Tuesday, India and the United Arab Emirates formally entered into an agreement concerning a trade corridor, an ambitious initiative with the objective of connecting Europe with India through various parts of the Middle East using both sea and rail routes. This substantial plan enjoys the support of the United States and the European Union.
 |
| Image - Prime Minister Modi addressing the Indian Diaspora in Abu Dhabi, UAE. Credit - Ministry Of External Affairs, India |
During the day, Prime Minister Narendra Modi engaged in extensive discussions with the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, with the shared intention of advancing their bilateral strategic partnership. The discussions encompassed a range of topics, including one-on-one and delegation-level talks, during which the leaders assessed the existing bilateral partnership and explored avenues for new areas of cooperation. The comprehensive strategic partnership between the two nations, spanning sectors such as trade and investment, digital infrastructure, fintech, energy, infrastructure, culture, and people-to-people ties, was a central focus of their deliberations, as outlined in a statement by the Ministry of External Affairs.
During a visit by Prime Minister Narendra Modi to the United Arab Emirates, the announcement of a framework agreement was made public through a statement by the Indian foreign ministry. However, specific details regarding the content of the agreement were not extensively disclosed. As stated by the ministry, the framework agreement builds upon prior understandings and cooperation, enhancing regional connectivity between India and the UAE. The comprehensive corridor project, initially introduced in September during the G20 summit in New Delhi, envisions linking India to Europe by extending across the Arabian Sea to the United Arab Emirates, then traversing Saudi Arabia, Jordan, and Israel. While the statement focused on India and the UAE, omitting mention of other countries, the agreement comes at a time when geopolitical dynamics in the Middle East are evolving. It is noteworthy against the backdrop of the ongoing conflict in Gaza and the subsequent disruption of U.S.-backed plans for Israel-Arab normalization. Saudi Arabia, for instance, has halted such normalization initiatives. Despite the complexities in the region, the framework agreement suggests that India and the UAE are actively advancing the corridor plan. This development may have implications for China's global trade infrastructure Belt and Road connectivity strategy. The announcement comes amid challenges such as the Houthi movement's attacks on shipping vessels in the Red Sea and heightened tensions in the region. In addition to the framework agreement, India and the UAE signed a bilateral investment treaty and exchanged cooperation agreements covering electrical interconnection, trade, and digital infrastructure. During his visit, Prime Minister Modi engaged in talks with UAE President Sheikh Mohamed bin Zayed al Nahyan, emphasizing the enduring relationship between the two nations. The UAE had established diplomatic relations with Israel in 2020 under the U.S.-backed Abraham Accords, maintaining them during the Gaza conflict while also calling for a ceasefire and criticizing Israel's actions. Modi's visit includes addressing the Indian diaspora, speaking at a summit in Dubai, and inaugurating the first-ever stone-built Hindu temple in the Middle East in Abu Dhabi. This visit marks Modi's seventh to the Gulf state, reinforcing ties with one of India's leading trading partners over the past decade.
0 Comments