Notwithstanding the war in Gaza, and its fallout in West Asia, India and the United Arab Emirates (UAE) have begun the work on first stage of pathbreaking India-Middle East-Economic Corridor (IMEEC) with the first senior official meeting expected to take place by May 15, 2024.
The IMEEC links India, UAE, Jordan and Saudi Arabia along with Israel to Europe, and the US through trade and merchandise exports with ports in Europe being the final destination. The IMEEC has full support from US President Joe Biden’s administration and is designed to integrate the markets of these countries.
After PM Modi signed the inter-governmental framework agreement on the IMME with UAE President Sheikh Mohammad Bin Zayed Al Nahyan on February 14, 2024, the two countries decided to hold the first round of meetings next month to firmly establish the protocols of the first stage of the IMEEC. The IMEEC will not only link India with Europe and West Asia but also increase bilateral trade with UAE which is currently pegged at USD 85 billion and growing by the day.
It is understood that during the Joint Secretary Meeting with representatives from trade, shipping commerce ministries the two sides will establish border protocols or what has been called virtual trade corridors so that the containers once cleared at the Indian port of Mundra are not reopened at either UAE’s Fujairah Port and allowed to proceeds to the final destinations in Europe and America.
The meeting which was scheduled for April 25, 2024 in UAE had to be postponed due to prior commitments on both sides. Even though Saudi Arabia is stuck in West Asian politics due to Israel on Gaza post October 7 terrorist attacks, India and the UAE are getting their act together on the IMEEC so that the trade corridor between Bharat and Gulf is complete.
The IMEEC involves taking the containers vis Jordan and Saudi Arabia on railroad to Haifa port in Israel and thereon to southern ports in Europe like Naples and Marseilles.
The IMEEC will be discussed when the National Security Advisor Jake Sullivan pays a visit to India for the iCET meeting with his Indian counterpart Ajit Doval later this month. The corridor was conceived by PM Modi and President MBZ, with the US and Saudi Arabia joining the close ally grouping to add the heft.
