G7 Summit commits to promoting strategic India-Middle East-Europe Economic Corridor

The G7 nations committed to promote concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit.

“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy,” the communique reads.

The communique was issued on June 14 evening at the luxury resort of Borgo Egnazia, where the G7 also reiterated a commitment to a “free and open Indo-Pacific" based on the rule of law, PTI reported.

The India-Middle East-Europe Economic Corridor envisages a vast road, railroad and shipping network among Saudi Arabia, India, the United States and Europe to ensure integration among Asia, the Middle East and the West.

The IMEC project, which bore seeds in discussions as early as May 2023, is envisaged to revolutionise connectivity, bypassing the existing roadblocks in India-Pakistan relations and facilitating rail connectivity between Europe and the Persian Gulf states, possibly extending to Israel in the future.

The operationalisation of the ship-cum-train route through the IMEC might offer a vital transit solution for a range of products, enhancing trade efficiencies and carving a sustainable path forward.

The IMEC is also seen as an initiative by like-minded nations to gain strategic influence in the face of China's Belt and Road Initiative (BRI), which has faced increasing criticism over lack of transparency and disregard for sovereignty of the nations.

The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.

The IMEC initiative was firmed up on the sidelines of the G20 Summit hosted by India in Delhi last year.

Among the other priorities of the summit's agenda, the communique registers “unwavering support” for Ukraine in its ongoing conflict with Russia.

“With a view to supporting Ukraine's current and future needs in the face of a prolonged defence against Russia, the G7 will launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, in order to make available approximately $50 billion in additional funding to Ukraine by the end of the year,” it added.

Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host.

Pope Francis became the first pontiff to join the participants of the G7 hosted by Italy - US President Joe Biden, British Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, European Commission President Ursula von der Leyen and European Council President Charles Michel.