G20 Summit 2023: The historic India-West Asia-Europe Economic Corridor was announced on Saturday, the first day of the G-20 Summit. India, America, UAE, Saudi Arabia, France, Italy, Germany and European Union will participate in it. Through this corridor, India, West Asia and Europe will now be directly connected through rail and port. With its construction, trade between India and Europe will increase by about 40%. It is being considered as the answer to China’s Belt and Road Initiative (BRI) corridor.
This corridor was announced by Prime Minister Narendra Modi along with US President Joe Biden, Saudi Prince Mohammed bin Salman and European Union leaders. On this occasion, PM Modi said that today we have reached a historic partnership. In the coming time, it will become an effective medium for economic integration of India, West Asia and Europe. At the same time, Biden said that America will invest in a new rail line from Angola towards the Indian Ocean. This will create jobs and increase food security.
Know this also at a glance
-Historic Agreement: Economic Corridor in response to China’s BRI Corridor
-Now the countries of West Asia, India and Europe will be directly connected through rail and port.
-Network of data, railway, port, electricity network and hydrogen pipeline will be laid.
-Agreement between India, America, Saudi, UAE, France, Italy, Germany and European Union
-On the initiative of India, now 55 permanent member countries of African Union G-20 will get benefit.
-Becoming a permanent member of the African Union will strengthen the voice of G-20 and the Global South.
-The collective GDP of the African Union is approximately three thousand billion US dollars
African Union becomes the second multinational group after the European Union to become a permanent member of G-20.
-Russian President Vladimir Putin, Chinese President Xi Jinping and Spain’s Sanchez are not participating in the conference.
Prime Minister’s appeal – eliminate the lack of global trust
Prime Minister Modi on Saturday urged global leaders to end the ‘global trust deficit’. He announced that the New Delhi Declaration of the G-20 has been agreed upon and the ‘New Delhi Leaders Summit Declaration’ has been adopted. This is an important success in India’s G-20 presidency. Also, on India’s initiative, the African Union was given permanent membership of the G-20 group. All the member countries of the group accepted Prime Minister Modi’s proposal to include the 55-member African Union in the list of the world’s top economies.
‘India’ also in G-20
The board placed in front of PM Modi in the G-20 conference attracted everyone’s attention. Actually, ‘India’ was written on the board placed in front of the PM. At the same time, in the conference of G-20 countries held in Bali, Indonesia on November 15 last year, ‘India’ was written on the board placed in front of Modi.
Trade between India and Europe will increase by 40%
The proposed corridor will connect the entire Middle East including UAE, Saudi, Jordan and Israel through railways and ports. This will increase trade between India and Europe by 40%. Apart from this, there were discussions between Israel and Gulf countries to accelerate land trade routes between Arab countries and the Mediterranean Sea.
African Union President Azili hugged PM Modi
India presented a proposal to give permanent membership of G-20 to the African Union. As soon as PM Modi, as the President, passed this resolution with the consent of all the countries, African Union President Azili Assoumani shook hands with Modi and hugged him. This proposal of India was also supported by China and the European Union.