The 18th G20 Summit was held in New Delhi, the capital of India, on 9-10 September 2023. [1] “One of the most important results of the summit, [2] which was held with the theme “One World, One Family, One Future”, was the announcement of a new corridor aiming to compete with China’s Belt and Road Project . [3]
In the joint statement signed by India, the United Arab Emirates (UAE), Saudi Arabia, the European Union (EU), France, Italy, Germany and the United States of America (USA) during the G20 Summit, it was stated that “the India-Middle East-Europe Economic Corridor ( IMEC)” was decided to be implemented.[4]
This corridor, which is basically likened to the old Spice Road, will start from Mumbai, India, and reach the port in Dubai, UAE, by sea. Then it will go to Al Gheweifat city via railway. From there it will reach the city of Haradh in Saudi Arabia and then on to Riyadh. It will then reach Jordan and from there to Haifa, a very important port city in Israel. From Israel, it will go again by sea to Piraeus Port in Greece. At this point, the products will be transported to Europe using land transportation [5]
It can be said that IMEC’s goal is to compete with the Belt and Road Project , which was first announced by Chinese President Xi Jinping in Kazakhstan in 2013 [6] In this context, the news that Italy will take part in this corridor and that it will exit the Belt and Road Initiative attracts attention. [7] On the other hand, efforts are being made to establish an India-Europe connection with the corridor in question. This connection is aimed to be realized through the Arabian Peninsula. IMEC will consist of two separate corridors. The eastern corridor will connect India to the Arabian Gulf and the northern corridor will connect the Gulf to Europe [8]
The decrease in the influence of trade routes between Europe and Asia after the start of the Russia-Ukraine War and the decrease in trade volume on these corridors are also important in this context. On the other hand, IMEC is planned to create an alternative to the rising Belt and Road Initiative and actions such as BRICS and Shanghai Cooperation Organization (SCO).
It also aims to increase trade, provide energy resources and improve digital connection. Moreover, this corridor will also pass through Israel, which could mean that Washington is trying to improve relations between Israel and the UAE and Saudi Arabia. In addition to all these, this project can play a role in increasing economic relations between the EU and the Gulf countries.
As a result, it can be argued that the corridor in question will increase the influence of India, which is an important symbol of the Western Bloc and the Non-Aligned Movement. It can be predicted that with this project, the geopolitical, geoeconomic and geostrategic importance and spheres of influence of the relevant states will increase. In such a case, it can be predicted that while global geopolitical competition will increase, there will also be an international improvement in geoeconomic terms.
[1] “G20 Summit Closes with Russia, Brazil and India Boasting Success”, France 24, https://www.france24.com/en/asia-pacific/20230910-g20-summit-closes-with-russia-brazil-and-india-boasting-success, (Erişim Tarihi: 14.09.2023).
[2] “What is the G20 and Why Does the Delhi Summit Matter?”, British Broadcasting Corporation News, https://www.bbc.com/news/world-48776664, (Erişim Tarihi: 14.09.2023).
[3] “Kazakh and Chinese Experts Reflect on First Decade of Belt and Road Initiative”, The Astana Times, https://astanatimes.com/2023/09/kazakh-and-chinese-experts-reflect-on-first-decade-of-belt-and-road-initiative/, (Erişim Tarihi: 14.09.2023).
[4] “G20 Summit: Will India Successfully Counter China’s BRI Project With Middle East-Europe Economic Corridor?”, Outlook Business Money, https://business.outlookindia.com/economy-and-policy/g20-summit-will-india-successfully-counter-chinas-bri-project-with-middle-east-europe-economic-corridor, (Erişim Tarihi: 14.09.2023).
[5] “IMEC Will Reshape Global Trading Routes, Says G20 Sherpa Amitabh Kant”, Hindustan Times, https://www.hindustantimes.com/india-news/mec-will-reshape-global-trading-routes-says-g20-sherpa-amitabh-kant-101694668638659.html, (Erişim Tarihi: 13.09.2023).
[6] “Kazakh and Chinese Experts Reflect on First Decade of Belt and Road Initiative”, The Astana Times, https://astanatimes.com/2023/09/kazakh-and-chinese-experts-reflect-on-first-decade-of-belt-and-road-initiative/, (Erişim Tarihi: 14.09.2023).
[7] “Why Is Italy Withdrawing from China’s Belt and Road Initiative?”, Council on Foreign Relations, https://www.cfr.org/blog/why-italy-withdrawing-chinas-belt-and-road-initiative, (Erişim Tarihi: 14.09.2023).
[8] “IMEC Will Reshape Global Trading Routes, Says G20 Sherpa Amitabh Kant”, a.g.e., (Erişim Tarihi: 14.09.2023).
