The India-Middle East-Europe Economic Corridor’s effectiveness andfeasibility came into question during a recent press briefing conducted byState Department Spokesperson Matthew Miller on a Monday. In response toinquiries about the current trade route connecting Asia, the Middle East,and Europe, Miller mentioned that currently, ships can traverse from Indiato Saudi Arabia.
Furthermore, he expressed optimism that this corridor could potentiallylead to the creation of a new transportation network, involving bothshipping and rail.
The announcement of this corridor occurred at the G20 summit, with IndianPrime Minister and the European Union Commissioner jointly unveiling it asa symbol of the warming relations between India and Saudi Arabia. However,skepticism arose from an expert who pointed out that the map presented byIndian media outlets may not provide an accurate representation of theproject.
Miller, while acknowledging the memorandum of understanding (MOU) for thiscorridor, refrained from providing specific details, emphasizing thatfurther information would be disclosed as the MOU is fully implemented.
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Miller also sought to allay concerns about the potential impact of thiscorridor on Egypt’s economy and its Suez Canal. He maintained that they didnot believe it would harm Egypt and, in fact, argued that it would bringpositive economic benefits to the entire region. However, he emphasizedthat the Suez Canal held a unique place in global trade, and the economiccorridor would not replace it but rather complement it, ultimatelybenefiting the entire region.
Currently, the Suez Canal stands as a vital trade route, facilitatingapproximately 12% of global trade annually. Miller concluded by reiteratingthat the recent agreement was a signing of an MOU and that further detailswould be forthcoming as the involved countries work to fully implement itin the months ahead
