​G20 Summit (2023) Proposed which Economic corridor including shipping and rail lines?

Correct option is A

At the G20 Summit 2023, held in New Delhi, India, global leaders unveiled the India-Middle East-Europe Economic Corridor (IMEEC), a strategic trade and transport corridor designed to strengthen connectivity and economic cooperation between India, the Middle East, and Europe.

Key Features of IMEEC:

1. Multimodal Connectivity – The corridor integrates shipping, railways, and road transport, ensuring seamless movement of goods and people.

2. Trade & Economic Growth – It aims to reduce logistics costs, enhance trade efficiency, and strengthen energy security.

3. Partnerships – The initiative involves India, the UAE, Saudi Arabia, Jordan, Israel, and the European Union.

4. Counter to China’s BRI – It is viewed as a strategic alternative to China’s Belt and Road Initiative (BRI), offering nations an alternative trade route.

5. Energy & Digital Infrastructure – The corridor is expected to boost energy cooperation (green hydrogen pipelines) and digital connectivity (fiber optic cables).

By enhancing connectivity between Asia, the Middle East, and Europe, IMEEC is expected to reshape global trade routes and support supply chain resilience.

Information Booster:

• Announced at G20 Summit 2023, it focuses on integrating shipping and rail transport between key regions.

• The project is supported by India, the U.S., Saudi Arabia, the EU, and others, signifying global cooperation in infrastructure development.

• It serves as an economic bridge between India and Europe, reducing transit time for goods and boosting regional economies.

• IMEEC is expected to enhance trade security, reduce geopolitical risks, and strengthen economic alliances among partner nations.

Additional Knowledge:

(2) BRI (Belt and Road Initiative):

• Launched by China in 2013, BRI is a global infrastructure project aimed at creating trade routes through Asia, Africa, and Europe.

• It involves massive investments in railways, highways, ports, and energy projects across multiple countries.

• Unlike IMEEC, which is a newly announced strategic corridor, BRI has been operational for a decade and is often criticized for its debt-trap diplomacy.

(3) CMREC (China-Mongolia-Russia Economic Corridor):

• A part of China’s Belt and Road Initiative (BRI), this corridor focuses on enhancing trade and transport links between China, Mongolia, and Russia.

• It primarily strengthens rail and road infrastructure to boost regional trade and economic integration.

• Unlike IMEEC, CMREC does not involve the Middle East or Europe.

(4) NELB (New Eurasian Land Bridge Corridor):

• NELB is a rail freight corridor that connects China to Europe via Kazakhstan, Russia, and Eastern Europe.

• It facilitates overland trade between Asia and Europe, reducing dependency on maritime transport.

• Unlike IMEEC, which combines shipping and rail routes, NELB is primarily rail-focused and does not include the Middle East in its network.