Exclusive: How will India-Middle East-Europe Economic Corridor give a huge boost to global business?

Brigadier Shri DS Tripathi (Retd) said that the ambitious India-West Asia-Europe Economic Corridor announced by India with the US and several major economies is going to have a major impact on global business.

This week in News Network’s special program Shaurya Path, we wanted to know from Brigadier Shri DS Tripathi (Retd) that how much trouble is the economic corridor being built between India, Middle East and Europe going to bring for China? In response to this, he said that if we look at it, the world is troubled by China’s BRI project because through this, China has trapped many countries in the debt trap and at the same time, it is also pursuing its policy of expansionism through this plan. Is. Therefore, Italy has pulled out of this project, which has caused a big blow to China. He said that apart from this, the work of this project has also been hampered due to recent attacks on Chinese citizens in Pakistan.

Brigadier Shri DS Tripathi (Retd) said that the ambitious India-West Asia-Europe Economic Corridor announced by India with the US and several major economies is going to have a big impact. He said that when it was announced, Prime Minister Narendra Modi had emphasized on respecting the sovereignty and territorial integrity of all countries while promoting the connectivity initiative. He said that India does not limit connectivity to regional boundaries as it believes that connectivity can play an important role in strengthening mutual trust.

Brigadier Shri DS Tripathi (Retd) said that many people see the new economic corridor as an alternative to China’s ‘Belt and Road Initiative’. The corridor was jointly announced by the leaders of the US, India, Saudi Arabia, UAE, France, Germany, Italy and the European Union on the sidelines of the G20 summit. The countries signed an MoU for the creation of the India-West Asia-Europe Economic Corridor, which is expected to stimulate economic growth through increased connectivity and economic integration between Asia, the Arabian Gulf and Europe. The initiative will include two different corridors – the Eastern Corridor that connects India to West Asia and the Northern Corridor that connects West Asia to Europe. This will include a rail line which, when completed, will provide a reliable and affordable cross-border shipping route to complement the existing multi-modal transport route facilitating the movement of goods and services from South East Asia to West Asia via India. -Will provide rail transit network.

Brigadier Shri DS Tripathi (Retd) said that along with the rail route, the participants intend to lay cables for power and digital connectivity as well as lay pipes for clean hydrogen export. The corridor will strengthen regional supply chains, increase trade access, improve trade facilities and promote emphasis on environmental, social and governance impacts. He said the corridor includes an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe, it will include railways and ship-rail transit networks and road transport routes.

Brigadier Shri DS Tripathi (Retd) said that as far as the reactions of other countries on this issue are concerned, if we look at them, we will know how happy the partner countries are with this announcement. He said that US President Joe. Biden has also said that as a key part of this corridor, we are investing in ships and trains, which extends from India to Europe via the United Arab Emirates, Saudi Arabia, Jordan and Israel. This will make doing business much easier. Apart from this, the Crown Prince of Saudi Arabia said that he looks forward to the integration of the economic corridor. He said European Commission President Ursula von der Leyen praised the agreement on the corridor, saying it was historic. The Chairperson of the European Commission believes that with the rail link, this will be the most direct connection ever between India, the Arabian Gulf and Europe, which will increase the speed of trade between India and Europe by 40 percent. French President Emmanuel Macron said that this is the first global green trade route because hydrogen is also part of this project. German Chancellor Olaf Scholz has said that we have to ensure that we implement it successfully and Germany is committed to contributing in this regard. Italian Prime Minister Georgia Meloni said that the new corridor is a milestone in strengthening global integration.

Brigadier Shri DS Tripathi (Retired) said that China has given a very measured response to this. China has said it welcomes the India-West Asia-Europe Economic Corridor if it does not become a “geopolitical gimmick”. The Chinese Foreign Ministry has said that China indeed welcomes all initiatives that help build infrastructure in developing countries and sincere efforts to promote connectivity and development.

Brigadier Shri DS Tripathi (Retd) said that if seen, the India-West Asia-Europe Economic Corridor will prove to be a revolutionary project and will give a huge boost to global business. He said that this corridor will bring more flexibility in the global supply chain. He said it will give a new definition to the movement of goods and services across continents as it will reduce logistics costs and ensure quick delivery of goods. He said that both West Asia and Europe are major markets for India’s engineering export sector. Having transport infrastructure of this level will significantly increase its competitiveness at the global level. He said the investment in the transformative project will significantly boost economic activity, create jobs and most importantly, help reduce carbon emissions.

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