During the G20 Summit held on Saturday, leaders from the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union jointly announced a significant economic initiative – the India-Middle East-Europe Economic Corridor. This corridor is seen as a strategic alternative to China’s Belt and Road Initiative, aiming to enhance economic connectivity.
In another pivotal development, the G20 leaders welcomed the African Union as a permanent member, underlining their commitment to global diplomacy and peace efforts. Prime Minister Narendra Modi of India expressed the importance of this move, stating, “History has been created with the adoption of the New Delhi Leaders’ Declaration.”
The G20 Summit saw a consensus declaration addressing critical global issues, particularly the Russia-Ukraine conflict. Leaders stressed the importance of upholding international law and called for initiatives for “comprehensive, just, and durable peace in Ukraine,” unequivocally rejecting the use or threat of nuclear weapons.
Additionally, the G20 leaders condemned terrorism in all its forms and emphasized the need for international cooperation to combat this threat. They also discussed the importance of sustainable and inclusive growth, climate goals, and clean energy technologies to address the world’s post-pandemic recovery.
Prime Minister Modi’s call to turn the “global trust deficit” into trust and confidence resulted in the African Union’s permanent membership in the G20, a milestone in the group’s history.
The India-Middle East-Europe Economic Corridor is a multi-dimensional project, including railway and ship-rail transit networks and road transport routes. It aims to stimulate economic development and connectivity between Asia, the Arabian Gulf, and Europe.
The G20 leaders also co-chaired the special event on Partnership for Global Infrastructure and Investment (PGII) and the India-Middle East-Europe Economic Corridor, focusing on sustainable development and strengthening connectivity between these regions.
This initiative will consist of two separate corridors: the East Corridor connecting India to West Asia/Middle East and the Northern Corridor connecting West Asia/Middle East to Europe. It includes plans for cross-border transit networks, cable laying for electricity and digital connectivity, and pipe installation for clean hydrogen export, promoting regional supply chains and environmental, social, and governance impacts.
Notable leaders in attendance at the summit included US President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak, Saudi Arabia Crown Prince Mohammed bin Salman, Turkish President Recep Tayyip Erdogan, Canadian Prime Minister Justin Trudeau, Italian Prime Minister Giorgia Meloni, South Korean President Yoon Suk Yeol, and Brazilian President Luiz Inácio Lula da Silva. However, Chinese President Xi Jinping and Russian President Vladimir Putin did not attend the summit.
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