The United Arab Emirates will work alongside the Governments of the Kingdom of Saudi Arabia, the Member States of the European Union, the Republic of India, and the United States on the India-Middle East-Europe Economic Corridor (IMEC).
The announcement was made in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the 18th G20 Heads of State and Government Summit held in New Delhi, India, where the UAE is participating as a guest of honour.
The establishment of the corridor aims to enhance connectivity and integration between participating countries significantly. It will comprise two pathways – the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe. The cross-border ship-to-rail transit corridors will reduce shipping costs across the network and facilitate trade in goods and services to, from, and between the UAE, Saudi Arabia, India, and Europe.
Participants will also assess the potential of electricity and clean hydrogen exports to enhance regional supply chains and connectivity as part of joint efforts to lower greenhouse gas emissions and integrate environmental conservation into the initiative.
The UAE’s cooperation on this initiative reflects the country’s efforts to strengthen its international partnerships and contribute towards a sustainable future, particularly in advance of hosting the upcoming COP28 climate conference in November.
Participants look forward to working together to establish coordinating bodies that will address a range of technical, financial, legal, and regulatory affairs. In the coming period, participants will also meet to advance the design and implementation of the transit network.