India–Middle East–Europe Economic Corridor

The India-Middle East-Europe Economic Corridor (IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe. The corridor is a proposed route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel and Greece.

Signing Date and Place
On 10 September 2023 the Memorandum of Understanding (MoU) was signed during the 2023 G20 New Delhi summit by the governments of India, United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy, Jordan and the European Union.

Details
The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the Suez Canal.

The project has been delayed due to the ongoing Israel–Hamas war. The route is currently being used to bypass the Houthi blockade.

Reactions
In September 2023, Turkish president Recep Tayyip Erdogan criticised the project for bypassing Turkey, and has vowed for an alternative route, the "Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the United Arab Emirates, Qatar, and Iraq, including the under-construction Grand Faw Port.

Despite these challenges, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China. Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe.