The story so far: At a special event on the sidelines of the recently concluded G20 summit in New Delhi, a memorandum of understanding (MoU) was signed to establish the ‘India-Middle East- Europe Economic Corridor’ (IMEC). Other than the two co-chairs of the event, Indian Prime Minister Narendra Modi and U.S. President Joe Biden, the signatories included leaders of Saudi Arabia, the United Arab Emirates (UAE), the European Union (EU), Italy, France and Germany.
The project, which forms part of the Partnership for Global Infrastructure and Investment (PGII), may also serve as a counter to China’s economic influence in the Eurasian region, observers have suggested.
