An Indian delegation visited three major ports in the United Arab Emirates this week, including the Port of Fujairah in the Indian Ocean Region, to discuss initiating the India-UAE segment of the proposed India-Middle East-Europe Economic Corridor (IMEC), according to a report from The Economic Times.
The visit aimed to lay the groundwork for the India-UAE segment of the IMEC, while waiting for regional stability to advance the Israel portion of the project.
India has recently signed a 10-year agreement to manage Iran’s Chabahar Port, which is expected to enhance India’s trade relations with Central Asia and Eurasia. This agreement signifies India’s ongoing efforts to secure its strategic interests amid the general election period.
The Indian delegation, including senior officials from the shipping and commerce ministries, Central Board of Customs, and Kandla Port, visited Khalifa Port and Jebel Ali Port, in addition to the Port of Fujairah.
In March, the Union cabinet approved the inter-governmental framework agreement between India and the UAE to bolster the IMEC.
The agreement, signed during Prime Minister Narendra Modi’s visit to Abu Dhabi this year, focuses on cooperation for the development and operation of the IMEC.
It also outlines a comprehensive framework for collaboration, aiming to explore untapped potential for joint investment and development in the IMEC.
The IMEC, which includes railroad, ship, and road transport routes, was announced in September 2023 at the G20 Summit. Leaders from India, the US, the UAE, Saudi Arabia, Italy, France, Germany, and the European Commission met to finalise the corridor.
The IMEC is envisaged to rival China’s Belt and Road Initiative by connecting Asia with Europe.
Along with the Chabahar Port and the International North-South Transport Corridor, the IMEC will serve as a vital trade corridor, boosting trade in India’s neighborhood and beyond. The ongoing discussions and agreements mark significant progress toward realising this ambitious infrastructure project.
